VCCircle

Delhi-based Jagson Airlines has sold about 15.99 per cent stake to an unnamed foreign investor. The Economic Times reports that the company has sold the stake for Rs 110 crore ($24.4 million). "We have given less than 15.99 per cent stake to the foreign investor and we may go public next year," Jagson President and CEO U K Bose told reporters.

Under the present rules, no foreign airline is allowed to pick a stake in Indian carriers but foreign institutional investors can do so up to 15.99 per cent of the total. The company plans to start low cost air services from next month. Last year, it had raised $80 million in FCCBs. Jagson plans to go public next year.

Also read: Jagson Airlines offloads stake to foreign entity