Business Daily from THE HINDU group of publications
Thursday, Mar 20, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Thursday, Mar 20, 2008 ePaper | Mobile/PDA Version |
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Logistics
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Airlines Markets - Stocks Our Bureau Bangalore, March 18 Deccan Aviation, part of the UB Group, will wait till the stock market improves to raise funds upto Rs 1,600 crore. This was conveyed to the company’s shareholders at an extra-ordinary general meeting which passed a resolution to raise upto Rs 1,600 crore through qualified institutional placement or debt or private placement of shares. The company also received approval from shareholders to increase its authorised capital to Rs 500 crore from Rs 150 crore. Deccan plans to use the new funds to increase its fleet size and other capital expenditures. UB Group’s president and the chief financial officer, Mr Ravi Nedungadi had earlier told Business Line that until the stock market improves, Deccan Aviation will not raise funds as it will not be able to get the right valuation. Cancellation feeIn another development, Deccan Aviation has raised the cancellation fee for its customers to Rs 750 from Rs 500 earlier for bookings. Customers can now cancel a ticket up to four hours before the flight departure and a cancellation fee of Rs 750 and a transaction fee (10 per cent of the basic fare) will be charged per person. The customers will now get the cash back after deducting the cancellation and transaction fee charges. Earlier, the airline would provide credit voucher to the customers which would have to be redeemed against another flight ticket. “We are gauging consumer trends with regard to key commercial initiatives. Our new cancellation policy promises increased ticketing flexibility and makes for a uniquely value proposition in the LCC (low-cost carrier) segment,” Deccan Aviation’s officiating chief executive officer, Mr Ramki Sundaram said in a press statement. More Stories on : Airlines | Stocks
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