New Delhi, May 10 (UNI) IndiGo, the largest Indian airline operator, is to raise up to Rs 3,000 crore through QIP.
"The Board of Directors of InterGlobal Aviation Limited has approved the raising of funds for an aggregate amount not exceeding INR 3,000 Crores through an issue of equity shares by way of a Qualified Institutions Placement," IndiGo said in a filing to the BSE today.
This decision of board is subject to approval of the IndiGo's shareholders and receipt of applicable regulatory approvals, the airlines further added.
Due to COVID-19 pandemic airlines through out the world are under financial stress. IndiGO's move to raise funds is understood to be a move to come out of this stress. At a time when domestic aviation sector was heading on recovery path, second wave of COVID-19 has again eroded most of the progress made.
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