Swajas Air Charters IPO subscribed 0.01 times

03 Oct 2011 Evaluate

Swajas Air Charters, Non-Scheduled Airline Operator, initial public offer (IPO) subscription remained 0.01 times till 1600 hrs on Monday, October 3,2011. As per the data available with the NSE, total bid of 65700 shares were received for the issue of 4464286 shares, 25080 bids were received at the cut-off price.

The company is planning to raise Rs 37.50 crore, through this IPO, however, the book running lead manager --Aryaman Financial Services has revised the price band from Rs 90 - Rs 100 to Rs 84 - Rs 90. The issue closes on October 05, 2011. Cameo Corporate Services is the registrar to the issue.

The company intends to utilize the issue proceeds to part finance the fleet expansion; finance the setting up of MRO/hangar facility; finance the purchase of office building / space; finance the working capital requirements and general corporate purposes.

Swajas Air Charters is a Non-Scheduled Airline Operator servicing a fleet of fixed-wing aircraft and helicopters across India. The company has gradually grown to dry lease and wet lease a number of helicopters and aircrafts of its own and has become one of the key Non-Scheduled Operator in Southern India having gained experience over the years. The services provided can fulfill various Aviation requirements which range from corporate travel to emergency medical services as well as from aircraft management to maintenance and technical support.

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