Kingfisher Airlines to raise over USD100 million through sale of GDR

Kingfisher Airlines reportedly plans to raise over USD100 million in the next six to eight weeks through the sale of Global Depository Receipts (GDR) with a portion of the finance to be used for working capital requirements (thehindubusinessline.com/dnaindia.com, 07-Apr-2010). According to UB Group Chief Executive Officer, Ravi Nedungadi, the carrier is expected to turn profitable from Fiscal Year 2011-12.