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Kingfisher to raise USD350m

1-Sep-2010 8:15 AM

Kingfisher Airlines' Board of Directors approved (31-Aug-2010), subject to shareholders approval, an increase in the authorised Equity Share Capital from INR900 crore (USD191.2 million) to INR1,650 crore (USD350.6 million) and an increase in the authorised Preference Share Capital from INR100 crore (USD21.2 million) to INR2,600 crore (USD552.4 million). The carrier stated it will immediately seek to raise up to USD250 million by way of GDR and a further INR500 crore (USD106.2 million) through a domestic offering subject to necessary regulatory approvals. This funding is expected to be completed within the next three to four months. [more]