Go Air promoters’ 22.5 per cent stake in pledge with three banks
May 15, 2021
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Go Investments pledged equity shares in favour of the consortium led by Central Bank of India
About 22 per cent stake held by the promoters in Go Airlines has been pledged with three banks.
According to the DRHP filed by the company ahead of its proposed IPO, 4,50,00,000 equity shares amounting to 22.56 per cent of the pre-Issue paid up capital held by Go Investments have been pledged in favour of the consortium consisting of Bank of Baroda and BNP Paribas and led by Central Bank of India pursuant to the working capital facility of ₹2,405 crore availed by the company.
Go Airlines record net loss of ₹470 crore in first nine months of FY2021
May 14, 2021
Files DRHP to raise ₹3,600 crore even as business gets hammered by Covid-19
Go Airlines Ltd has recorded a net loss of ₹ 470 crore in the nine months ended December 31, 2020 as the aviation industry faces significant business challenges as a result of the Covid-19 pandemic s effects.
“For the month of December 2020, our departures were at approximately 63 per cent of the departures during December 2019 and our growth ASKs were at approximately 72 per cent of the pre-Covid-19 levels.This has led to a sudden and significant decline in our revenues and profitability from late February 2020 and as a result, we recorded a net loss of ₹4,706.9 million in the nine months ended December 31, 2020,” the company said in its DRHP filing to raise ₹3,600 crore through an initial public offering. The airline plans to use ₹2,015 crore for prepayment or scheduled repayment of all or a portion of
In April 2021, Wadia made an application to the National Internet Exchange of India, to transfer 115 domain names from Net4India Ltd to Network Solutions
India’s merchandise exports rise to over $30 billion in April
14 May 2021 A mobile crane carries a container at Thar Dry Port in Sanand in Gujarat. Reuters The low base effect powered India’s merchandise exports to grow by over 195 per cent on year-on-year basis last month. In April 2021, exports grew to $30.63 billion, higher by 195.72 per cent over the $10.36 billion reported in April 2020.
“As compared to April 2019, exports in April 2021 exhibited a positive growth of 17.62 per cent in dollar terms and 26.17 per cent in rupee terms,” an official statement on foreign trade said.
“Non-petroleum and non-gems and jewellery exports in April 2021 were $23.62 billion, as compared to $9.08 billion in April 2020, registering a positive growth of 160.24 per cent.” As compared to April 2019, the non-petroleum and non-gems and jewellery exports in April 2021 registered a positive growth of 20.47 per cent.