InterGlobe Aviation To Raise Up To Rs 4,000 Crore; Stock Rises Over 1%

InterGlobe Aviation, which runs the country's biggest airline IndiGo, said in a regulatory filing on Monday that it plans to raise up to Rs 4,000 crore ($533.70 million) through the sale of shares to institutional investors, as the Covid-19 pandemic has severely affected its operations. The shares of InterGlobe Aviation rose 1.2 per cent in early trading to an intra-day high of Rs 965, on the BSE. At 9:52 am, the InterGlobe Aviation stock was trading at Rs 947, down 0.6 per cent, on the BSE.

The shares would be issued through qualified institutional placement, the airline added.

Meanwhile, on July 29, InterGlobe Aviation reported its steepest quarterly loss in at least five years as travel restrictions arising from the COVID-19 pandemic hit operations. The company clocked a net loss of Rs 2,849 crore for the quarter ended June 30, compared with a profit of Rs 1,200 crore a year earlier. Revenue from operations plunged 92 per cent to Rs 767 crore during the quarter.

The BSE Sensex was at 38,470.90, higher by 291.25 points or 0.75 per cent and the NSE Nifty was at 11348.20, up 77.70 points or 0.69 per cent at the time.