IndiGo to raise up to ₹4,000 crore via share sale
NEW DELHI : India’s largest airline IndiGo parent Interglobe Aviation Ltd on Monday said it will raise up to ₹4,000 crore ($533.70 million) through the sale of shares to institutional investors, as it looks to manage cash during the COVID-19 pandemic which has hit its operations.
The virus outbreak caused Interglobe to report its biggest ever loss last month. The company had also announced separate plans to raise at least $268 million through the sale and leaseback of planes and other assets.
India’s largest airline reported a net loss of ₹2,844.3 crore for the three months ended June as disruptions due to the coronavirus pandemic significantly impacted the airline. The aviation firm had a net profit of ₹1,203.1 crore in the year-ago period.
