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Deccan 360 to raise debt, dilute stake - paper
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MUMBAI, June 18 |
MUMBAI, June 18 (Reuters) - Express logistics company Deccan 360 is close to raising debt and dilute equity to expand its network in India, the Hindu Business Line reported, citing the company's chairman.
The firm will raise 1.5 billion rupees via debt in a few months for working capital and another $25 million through equity dilution, the newspaper quoted Chairman G.R. Gopinath, without specifying how much stake would be diluted.
"We are pretty flexible about it and will take a decision based on the negotiations we will have with potential investors," the paper quoted him as saying.
The initial funding, another $25 million, was raised by Gopinath through his own funds, the newspaper said.
Gopinath is the founder of India's first budget airline Air Deccan which was merged with Vijay Mallya-contolled Kingfisher Airlines last year.
Deccan 360 expects to post revenue of $74 million during this fiscal year, and double that in FY11, the paper said. (Reporting by Jasudha Kirpalani; Editing by Ramya Venugopal)
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