IndiGo may shelve QIP as it hopes to increase capacity in festive season
IndiGo may shelve its plans to raise Rs 4,000 crore from the market as it expects to see an improvement in its financial situation, driven by increased sales during the upcoming festive season.
“The plan to raise money through qualified institutional placement (QIP) has a 50-50 chance and the preferred path is to increase sales revenue,” IndiGo’s chief executive Ronojoy Dutta told shareholders at the 17th annual general meeting on Friday.
In August, the country’s largest airline operated by InterGlobe Aviation, had announced plans to raise up to Rs 4,000 crore through an issue of equity shares by way of a qualified institutional placement. The announcement was made as the airline needed money to fund its losses, which were mainly because of the two-month long lockdown.
