Financial Daily from THE HINDU group of publications
Thursday, Mar 03, 2005
Financial Daily from THE HINDU group of publications Thursday, Mar 03, 2005 |
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Markets
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Preferential Allotments Logistics - Airlines Royal Airways okays pref issue to IL&FS Our Bureau
Mumbai , March 2 ROYAL Airways has approved a preferential issue to IL&FS of up to 15.30 lakh 10-per cent unsecured fully convertible debentures (FCDs) of Rs 100 each, convertible up to 37,15,394 equity shares of Rs 10 each. An official statement quoting Mr Ajay Singh, Director, Royal Airways, said: "IL&FS has experience in finance and leasing. They are the kind of partners we need in this venture. This move is the next natural step in the fruition of our plans to commence commercial operations. It demonstrates our commitment to the fast, strong and successful revival of the airline." Royal Holdings Services Ltd, a Nevada-based investment company, has a major stake in Royal Airways. Citigroup, ABN Amro and Goldman Sachs hold over 10 per cent equity in the low-fare no-frills airline, the statement said. Royal Airways is the reincarnation of Modiluft, which ceased operations in 1996.
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