Coronavirus-hit IndiGo to raise Rs 3,000 crore through QIP

The board of private carrier IndiGo has approved raising upto Rs 3,000 crore through a Qualified Institutions Placement (QIP) process, the company said in a stock exchange notification on Monday.

".Board of Directors of InterGlobe Aviation Limited (the "Company"), at its meeting held today, i.e., May 10, 2021, has approved the raising of funds for an aggregate amount not exceeding INR 3,000 Crores (Indian Rupees Three Thousand Crores) through an issue of equity shares by way of a Qualified Institutions Placement," the company said adding that this is however subject to shareholder and other regulatory approvals.

IndiGo’s decision comes as the aviation industry continues to be hit by the catastrophic second wave of Covid-19 infections. The current onslaught of the virus has made the country clock record breaking numbers and killed thousands as the healthcare infrastructure in the country has crumbled. Travel has been hit and will continue to be in a slump for the foreseeable future.