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Aviation

Kingfisher Airlines plans to raise Rs500 cr via equity

7/18/2009 1:57:00 PM

Mumbai, July (EPC News): Vijay Mallya-owned, Kingfisher Airlines plans to raise Rs500 crore via equity.

The airline today has of approximately Rs 6000 crore and so the board has decided to raise equity. “The airliner is mulling rights and depository issues for fund raising. Kingfisher's total debt today is approximately Rs 6,000 crore. That is why the board decided that rather than go for more debt, we will raise equity. This does not take into account any potential change in government policy for FDI. We have decided go to the Indian equity market,” Vijay Mallya, Chairman, Kingfisher Airlines, said. “I am determined to stop these losses. I will do whatever it takes. I am not after market share only. Yes, we are proud to be India's largest airline but not at the cost of shareholders," he added.