Covid-19 impact: InterGlobe Aviation to raise Rs 4,000 cr through QIP

The airline posted a pre tax loss of Rs 2842.6 crore in Q1FY21 against a pre tax profit of Rs 1509.4 crore in the same quarter of the last year

InterGlobe Aviation, the owner of the country’s largest domestic airline, IndiGo, will raise around Rs 4,000 crore through a qualified institutional placement (QIP), the airline announced on Monday, after its board approved the plan.

The fundraising comes even as the Covid-19 pandemic and travel restrictions continue to batter the aviation sector, resulting in limited operations and weak revenue growth outlook.

Founders and co-promoters Rahul Bhatia and Rakesh Gangwal own 74.86 per cent stake in the firm. At Monday’s closing price of Rs 952.90 on