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Kingfisher Airlines to raise $100 mn

Kingfisher Airlines to raise $100 mn
PTI
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First Published: Mon, Aug 31 2009. 04 50 PM IST
Updated: Mon, Aug 31 2009. 04 50 PM IST
Mumbai: Vijay Mallya-led Kingfisher Airlines board today approved an enabling resolution to raise $100 million (nearly Rs487.8 crore) by various fund raising instruments.
The board of directors of the company have approved that the funds be raised through various instruments including Global Depository Receipts (GDRs), Kingfisher Airlines said in a filing to the Bombay Stock Exchange (BSE).
The proposal is subject to shareholders’ approval, the filing added.
This is in addition to the decision for induction of capital for an amount not exceeding Rs500 crore by a rights issue of equity shares taken at the last board meeting held on 28 July.
Further, the board has also approved to raise the authorised share capital of the company to Rs1,000 crore from Rs500 crore, subjected to shareholders approval, the filing added.
Shares of Kingfisher Airlines were trading at Rs48.25 on the BSE, up 1.15% from previous close.
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First Published: Mon, Aug 31 2009. 04 50 PM IST