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Saturday, January 28, 2006

Deccan Aviation files DRHP with Sebi for IPO

Deccan Aviation soon proposes to enter the capital market with a public issue of 2,45,46,000 equity shares of Rs 10 each through the 100% book building process to fund its expansion plan. It has filed the DRHP with Sebi for the purpose, according to a release.

Deccan Aviation, operating Air Deccan, a leading no-frills, low-cost, scheduled commercial passenger airline in India, has drawn out their expansion plans.

The plans include setting up of a training centre, a hangar facility for basic and medium level maintenance checks at Chennai and creating infrastructure at airports. The plan also covers market development initiatives.

The issue would constitute 25% of the fully diluted post issue paid-up capital of the company.

The book running lead managers to the issue are Enam Financial Consultants, J P Morgan India, ABN AMRO Securities (India), ICICI Securities and SBI Capital Market. Karvy Computershare is the registrar to the issue.

Air Deccan began scheduled operations in August 2003, with a single ATR turboprop aircraft flying a single route between Bangalore and Hubli. It is one of the fastest growing scheduled commercial passenger airlines today.

Source:moneycontrol

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