InterGlobe Aviation Ltd.'s board of directors approved on Wednesday an investment of up to Rs 394 crore in a wholly owned subsidiary, according to an exchange filing.
The investment in InterGlobe Aviation Financial Services IFSC Pvt. will be carried out in one or more tranches in the equity shares. IndiGo IFSC will utilise the funds for financing its aviation assets, repaying its outstanding loan and for other general corporate purposes.
The investment will be completed within three months from the board's approval. Incorporated on Oct. 12, 2023, IndiGo IFSC deals with aircraft engine leasing along with providing financial services for such transactions.
IndiGo's net profit fell 18% to Rs 2,448.8 crore in the quarter ended December due to the rupee's depreciation and an increased number of grounded planes despite strong demand. Revenue rose 14% to Rs 22,110.7 crore.
Shares of IndiGo closed 1.67% higher at Rs 4,729.20 apiece on the National Stock Exchange, compared to a 0.12% fall in the benchmark Nifty. The stock has risen 45.83% in the last 12 months.
Seventeen out of the 22 analysts tracking the company have a 'buy' rating on the stock, three recommend 'hold' and two suggest 'sell', according to Bloomberg data. The average of 12-month analysts' price targets implies a potential upside of 5.8%.
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