Indigo board further deliberates fundraising plan; stock soars 4%

A board members meeting was held on July 30, to discuss fundraising plan through various capital markets options.

Jul 31, 2020 01:07 IST India Infoline News Service

Indigo-Airlines
Interglobe Aviation (Indigo) stock was trading in the green on Friday after the airline's board decided to further deliberate on the matter relating to raising of funds at a subsequent meeting. On Sensex, Indigo stock has gained by nearly 4% so far. A board members meeting was held on July 30, to discuss fundraising plan through various capital markets options.

In its exchange filing, Indigo on Thursday said, "We hereby inform you that the Board of Directors of InterGlobe Aviation Limited (the “Company”), at its meeting held today, i.e., July 30, 2020, have decided to further deliberate on the matter relating to raising of funds at a subsequent Board meeting."

Indigo have proposed raising of funds through issue of equity shares, and/or foreign currency convertible bonds (“FCCB”), and/or non-convertible debentures, and/or any other eligible instruments or securities representing equity shares or convertible into or exchangeable for equity shares, through qualified institutions placement, rights issue, FCCB issuance, or such other permissible mode or combination thereof.

Indigo posted a net loss of Rs2,844cr in Q1FY21 against a profit of Rs1,203.1cr a year ago same period. In the quarter, revenue from operations was at Rs766.7cr declining by 91.9% against 90.9% reduction in capacity compared to the same period last year.

On Sensex, the stock was trading at Rs973.75 per piece higher by 3.62% at around 1.14 PM. The stock has gained to an intraday high of Rs976.60 per piece. 

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