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Budget airline GoAir is planning to raise about $150 million through a public offer to fund its operational expenses, two sources with direct knowledge of the matter told Reuters.

The airline has hired Bank of America Merrill Lynch and Edelweiss Capital to manage the offering, said the sources, who declined to be named as the information was not yet public.

The airline will file for the share sale shortly, they said.

GoAir's chief executive officer Kaushik Khona declined to comment.

GoAir is run by Go Airlines (India) Pvt Ltd, promoted by the Wadia group which also runs textiles firm Bombay Dyeing and Manufacturing Company Ltd.

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