IndiGo s parent firm gets shareholders nod to raise Rs 3,000 cr via QIP
The remote e-voting on the proposal commenced on May 27 and ended on June 25. Shareholders of the company have cleared the proposal, it said in a regulatory filing on Saturday On June 5, IndiGo reported a consolidated net loss of Rs 1,147.2 crore in the three months ended March PTI
Updated Jun 27, 2021, 12:38 PM IST
Shareholders of InterGlobe Aviation, parent of the country s largest airline IndiGo, have approved a proposal to raise up to Rs 3,000 crore. The funds would be raised through the Qualified Institutional Placement route.
The remote e-voting on the proposal commenced on May 27 and ended on June 25. Shareholders of the company have cleared the proposal, it said in a regulatory filing on Saturday.
InterGlobe Aviation shareholders approve plan to raise Rs 3,000 crore
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InterGlobe Aviation shareholders approve plan to raise Rs 3,000 crore
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Indigo s Revival Bid
After a brutal year, India s largest airline looks to bounce back, but there could be surprises ahead
On March 25, 2020, all 259 aircraft of India s largest airline by market share, IndiGo, were grounded as the government suspended commercial flights - domestic and international -indefinitely due to rising Covid cases. While Indian aviation has seen numerous ups and downs, the March-May 2020 period was the worst-ever.
As the market leader and the country s largest low-cost carrier (LCC), the scale of damage for IndiGo was bigger than the rest. While revenues stopped coming, fixed costs started eating into profits, and in turn, cash reserves. In April, agencies such as CAPA India predicted a loss of $1.5 billion for IndiGo and SpiceJet over the next six months. The impact was so brutal that some brokerages stopped tracking the sector, and IndiGo in particular. We believe the impact on aviation sector will be severe and the ability to forecast financial conseq