Kingfisher Airlines’ board approves Rs.2,000 crore rights issue

August 26th, 2011 - 5:22 pm ICT by IANS  

New Delhi, Aug 26 (IANS) The Vijay Mallya-led Kingfisher Airlines Friday said its board has approved a proposal to raise funds up to Rs.2,000 crore through rights issue.

“Board at its meeting held on Aug 25 has approved issue of equity capital on rights basis in an amount not exceeding Rs.2,000 crore,” the company said in a regulatory filing to the Bombay Stock Exchange (BSE).

According to the filing, the company has also amended the terms of optionally convertible debentures of Rs.100 each which it had issued Jan 3.

The carrier had earlier issued 116.3 million shares to a consortium of banks in its debt-restructuring plan.

On Aug 10, the company reported an increase in its net loss for the first quarter of the current fiscal at Rs.263.54 crore as compared to Rs.187.34 crore in the like period of 2010-11. Its total revenue for the quarter increased by 15 percent at Rs.1,911 crore over the same quarter last year.

The company’s scrip at the BSE was down 6.37 percent at Rs.23.50 around 3 p.m. Friday.

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