GoAir considering IPO worth 150 million

first_imgGo Airlines Ltd (GoAir), India’s fifth-biggest carrier by passengers travelled, is considering an initial public offering (IPO) and has begun talks to appoint bankers, three sources directly involved in the process said.GoAir, part of the Wadia Group whose flagship companies include Bombay Dyeing and biscuit maker Britannia Industries, could look to raise as much as $150 million in the IPO, said the sources.The bankers made presentations to the company earlier this week, the people said, adding that it was early to say whether the company would sell new shares or existing shareholders will reduce their stakes in the planned public offering.A spokesman for GoAir, which has a fleet of 19 Airbus A-320 planes and had an 8.4% domestic market share last quarter. The company would not comment on what he called ‘market speculation’, the spokesperson said.GoAir is estimated by consultant CAPA to have made a profit of $14 million-$15 million in the year to March, which would make it the second most profitable Indian airline after market leader IndiGo.IndiGo is selling shares in an IPO to raise as much as $464 million.last_img read more

State grant approved for Lumberman Park updates

first_img09Feb State grant approved for Lumberman Park updates Categories: News The Village of Wolverine is in line to receive a $289,500 state grant from the Michigan Natural Resources Trust Fund to help with renovations and improvements at Lumberman Park and Trailhead, state Rep. Peter Pettalia announced today.House Bill 4078, legislation that allocates the MNRTF grants, recently passed the House with overwhelming bipartisan support and is now before the Senate. The funds come to the MNRTF through state-owned mineral resources development, largely oil and natural gas, and their use is restricted for public land acquisition, natural resource protection and public outdoor recreation enhancement.“The first step toward awarding the grants has been made in the House,” said Pettalia, R-Presque Isle. “Every slate of recreation and resources improvement projects that get funded each year improves the Pure Michigan experience for local residents and visitors across the state.“I congratulate the Wolverine officials and supporters whose hard work is making a difference at Lumberman Park.”The $393,700 project at Lumberman Park and Trailhead will modernize and make accessible this critical part of the North Central State Trail by upgrading toilet, shower and dump station facilities, and adding trail connections, signs, an accessible fishing pier and a looped walking trail with a pedestrian bridge over the Sturgeon River.MNRTF grants are provided through the development of state-owned oil, natural gas and mineral resources, and awarded to assist local governments and the Department of Natural Resources with public land acquisition, natural resource protection and public outdoor recreation.This year’s grants total more than $24 million and will be awarded to 69 projects in 40 Michigan counties.last_img read more