Jet Airways today surged over 3 per cent in early trade, a day after

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the company said it is planning to raise USD 400 million through a share sale to foreign institutions.

Shares of the private air-carrier climbed 3.34 per cent to an early high of Rs 807.10 on the Bombay Stock Exchange.

The scrip saw a similar move on the National Stock Exchange and gained 3.59 per cent to trade at Rs 807 in morning trade.

Meanwhile, the broader gauge sensex was quoting flat at 18,220.20, down 0.03 per cent from previous close.

The airline, yesterday, said it is looking to raise USD 400 million through a share sale to foreign institutions and has also approached RBI to relook at some of the external commercial borrowing (ECB) guidelines for raising funds.

Jet Airways Chairman Naresh Goyal also said that the company has sought the government permission to dilute up to a 20 per cent stake but he is not talking to any investor, as existing regulations do not allow it.