IndiGo to raise up to ₹4,000 crore through QIP
New Delhi: The board of directors of InterGlobe Aviation Limited, which operates the country’s largest domestic airline IndiGo, has approved raising up to ₹4,000 crore through a qualified institutions placement, the company said on Monday.
The board of directors “at its meeting held today, i.e., August 10, 2020, has considered and approved the raising of funds for an aggregate amount not exceeding ₹4,000 crores through an issue of equity shares by way of a qualified institutions placement, in accordance with the relevant provisions of applicable law and subject to approval of the Company’s shareholders and receipt of applicable regulatory approvals”, the airline said in a stock exchange notification.
QIP is a capital-raising tool through which listed companies can sell shares, fully and partly convertible debentures, or any securities, other than warrants that are convertible into equity shares, to qualified institutional buyers.
