InterGlobe Aviation, the guardian of the nation’s largest airline IndiGo, on Monday, stated its board has authorised elevating up to Rs 3,000 crore by the sale of shares to institutional traders.
The fundraising plan of the corporate comes at a time when the airline business is dealing with vital headwinds due to the coronavirus pandemic that has resulted in falling passenger demand and low occupancy in flights.
In a regulatory submitting, InterGlobe Aviation stated its board, throughout the assembly on Monday, authorised “raising of funds for an aggregate amount not exceeding up to Rs 3,000 crore”.
This shall be executed by the issuance of fairness shares by the use of Qualified Institutions Placement (QIP).
The Gurugram-based airline had reported a web lack of Rs 620.1 crore, its fourth consecutive quarterly loss, within the three months ended December 2020. The firm is but to announce its earnings for the 2021 March quarter in addition to for the fiscal yr ended March 2021.
While the airline business was slowly on the restoration path, the second wave of the coronavirus pandemic has hit the sector laborious.
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