Vijay Mallya owned Kingfisher Airlines has plans to rise up to Rs 500 crore through the issue of share capital.
Addressing the media in the city on Thursday, Kingfisher Airlines Chairman Vijay Mallya said, “We are mulling a rights and global depository issues for fund raising in the current fiscal as the board had decided that it is better to go for equity than more debt.”
Though the size and timing of the issues has not been decided, they should be launched in the current fiscal. The funds raised from the issues will be employed to retire a part of the airline’s debt. The airline, laden with significant debt and losses, has been in discussions with private equity players for a while.
Mallya added that deleveraging of United Spirits will be completed by the end of October 2009 and added that the company is looking at various options like raising money through the QIP or private equity route.
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