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India’s private air carrier, Kingfisher Airlines, which is owned by Vijay Mallya, has announced on Monday that the company is eyeing to raise $100 million (about Rs. 500 crore) in the Global Depository Receipts (GDRs).
In the regulatory statement, which was submitted by Kingfisher Airlines to the Bombay Stock Exchange (BSE), the company has mentioned that the funds, which the company is planning to raise, will be raised only after being approved by the shareholders.
The BSE has also been explained about the decision taken on July 28 to rasie $100 million by way of a rights issue.
According to Kingfisher Airlines, the increase in the authorised share capital of the company from Rs. 500 crore to Rs. 1000 crore has also been approved by the board as well as the shareholders of the company.
Currently, the airline reported losses of over $240 million (Rs.1,200 crore).
