SpiceJet said on Tuesday that it is looking forward to raise $75 million. This, said the budget carrier, would be done by selling its stake in the markets of India as well as overseas.

However, no timeline was announced by the chief executive of the company, who was making the announcement.

Talking to a private news agency, Reuters, Sanjay Aggarwal head of the airlines company said that the company has already got the approval from the board and will now be selling its stake. He also added that ADR, GDR, QIPs as well as other forms will be used unlike past when they were looking at only preferential.

He also clarified that founder of Sun TV and head of a company run by Anil Ambani, has approached him for stake sale.

Sanjay also said that the investors are being evaluated and that no one has been finalized till now.

The company has already seen an investment of $80 million by Wilbur L Ross in 2008 and as per the latest media, he is planning to exit.

SpiceJet reported a net profit of Rs. 274 million after showing loss of Rs. 78 million in the January to March quarter.