Categories: Business

indigo to raise up to 4000 crore through QIP

Photo: PTI

indigo to raise up to 4000 crore through QIP

new Delhi. The country's largest domestic airlines will raise Rs 4000 crore through IndiGo qualified institutional placements. The board of Interglobe Aviation, which operates the airline, today approved raising the funds. The company informed that its board has approved raising funds through QIP in its meeting held on Monday. This amount will be maximum 4000 crores. Currently, the airlines have a market cap of Rs 36667 crore.

Lockdown due to Corona crisis, restrictions on air travel have seen the most impact on the aviation sector. Most aircraft of aviation companies around the world are currently on the ground. Currently domestic flights have been approved in India but these approvals are also in a range, which has put a lot of pressure on the earnings of aviation companies, and they are in cash crisis. According to CRISIL estimates, between FY 2020 and 2022, domestic airlines may incur a loss of Rs 1.3 lakh crore in revenue.

The airlines had a loss of Rs 871 crore in the March quarter. A year ago, the airlines had a profit of Rs 596 crore. Currently, airlines are taking all possible steps to reduce costs and raise cash.

This post was published on August 11, 2020 1:07 am

Content Team

Recent Posts

Ban on gaming apps hopes for opportunity for domestic sector

Photo: MEDIATEK online gaming new Delhi. The government has banned 118 apps keeping in mind the security of the country.…

India august gold imports double to hit 8 months peak says source

Photo: TIMESOFINDIA gold import at 8 months high new Delhi. The economy is now looking forward to a gradual recovery.…

Coal India Q1 profit plunges 55 percent YoY

Photo: GOOGLE Coal India Q1 result new Delhi. Coal India's profit fell 55 per cent in the first quarter to…