Kingfisher Airlines delays GDR sale until market conditions improve
Kingfisher Airlines will reportedly delay its global depository receipts (GDR) sale until market conditions improve and its stock recovers (Live Mint, 22-Feb-2011). The carrier had planned to raise INR15.8 billion (USD350 million) through the sale. The carrier has reportedly appointed CLSA Singapore Pte Ltd, Citigroup Global Markets Ltd and Morgan Stanley and Co International to manage the GDR issue. Linklaters Llp is reportedly preparing the prospectus. The GDR could reportedly occur in Mar-2011, before the end of the current fiscal year.