Covid-19 impact: InterGlobe Aviation to raise Rs 4,000 cr through QIP
InterGlobe Aviation, the owner of the country’s largest domestic airline, IndiGo, will raise around Rs 4,000 crore through a qualified institutional placement (QIP), the airline announced on Monday, after its board approved the plan.
The fundraising comes even as the Covid-19 pandemic and travel restrictions continue to batter the aviation sector, resulting in limited operations and weak revenue growth outlook.
Founders and co-promoters Rahul Bhatia and Rakesh Gangwal own 74.86 per cent stake in the firm. At Monday’s closing price of Rs 952.90 on the BSE Sensex, the airline’s market capitalisation stood at Rs 36,667 crore.
The airline posted a pre-tax loss of Rs 2,842.6 crore in the first quarter of FY21 against a profit before tax of Rs 1,509.4 crore in the corresponding quarter a year ago.
