Kingfisher Airlines confirms plans to raise USD600 million fresh equity

Correction: Kingfisher Airlines CEO, Vijay Mallya, confirmed the carrier's plans to raise up to a total of USD600 million in the current fiscal year, ending 31-Mar-2010 (The Hindu Business Line, 09-Nov-2009). The fund raising will be split between USD400 million from private equity investors, USD100 million through a rights issue and USD100 million through global depository receipts (GDR). Dr Mallya stated the carrier would "certainly use a large part of that to reduce debt" (Reuters, 09-Nov-2009). He added Kingfisher remains keen to expand its international route network.

Kingfisher Airlines: "We are moving ahead with our plans of private equity investment. We are in talks with private equity players to raise USD400 million and negotiations are in the advanced stages. We have also taken shareholders' nod for raising USD100 million through rights issue and USD100 million through GDR," Vijay Mallya, CEO. Source: The Hindu Business Line, 09-Nov-2009.