Interglobe Aviation Ltd, which runs IndiGo, on Monday said it will raise up to Rs 4,000 crore ($533 million) through the sale of shares to institutional investors to streamline the operations hit by the Covid-19 pandemic.
The board of directors of InterGlobe Aviation Limited at its meeting on August 10, 2020 has considered and approved the raising of funds for an aggregate amount not exceeding Rs 4,000 crore through an issue of equity shares by way of a qualified institutions placement,” the company said in an exchange filing.
IndiGo had reported a quarterly loss at Rs 2,844.3 crore during Q1 of FY 21 compared to a net profit of Rs 1,203.1 crore in the same period a year ago.
“Closure of scheduled operations till May 24, 2020 and lower capacity deployment thereafter on account of COVID-19, significantly impacted the quarterly results,” IndiGo had said in an exchange filing recently.
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