Jet Airways, India's finest international airline, is all set to raise funds for an amount not exceeding USD 400 million (about Rs 2,000 crore).

The company has already secured Foreign Investment Promotion Board (FIPB) approval to raise $400 million through sale of fresh shares to qualified foreign institutions, but still awaits green signal from Union Cabinet for going ahead.

The company has proposed to raise funds by way of qualified institutional placement (QIP)/global depository receipts (GDRs), foreign currency convertible bonds (FCCBs).

The airline reported a loss of Rs 225 crore in the quarter ended June, compared with a net profit in a year-ago period, mainly due to sharp fall in sales and rise in jet fuel prices. The company currently operates a fleet of 86 aircraft.