Akasa Air to raise funds via fresh equity, plans to dilute Jhunjhunwala family funds

Akasa Air is looking to raise $75-100 million by offering fresh shares to expand its business and to make pre-delivery payments for aircraft, sources claim. Akasa Air has 72 Boeing 737 MAX on order out of which 19 have been delivered. In an attempt to raise the funds, the airline will dilute 46% stake of the Jhunjhunwala family. Interestingly in spite of the potential dilute, the family will remain its largest shareholder. “The trust is unlikely to participate in this round of funding but even after the dilution will retain a substantial stake. The aviation sector is on a boom