Mallya plans to raise $400m via GDR issue

New Delhi: Claiming to be the 'number one' airline of India, ahead of Naresh Goyal's Jet Airways, Kingfisher Airline's chairman Vijay Mallya said he is planning to raise $400 million through global depository receipts (GDR) in international markets within the next two weeks. Jet-JetLite combine has a higher combined market share.
Mallya said he would finalise the size and price of GDR issue after meeting global investors over the next fortnight. Upbeat after Kingfisher all set to join British Airways-led oneworld alliance, Mallya told TOI that Kingfisher's domestic operation has started making operating profit in the last quarter on better loads.
The airline had a net loss of Rs 420 crore in October-December quarter. "Of that Rs 300 crore was of one-time nature. We are breaking even on domestic routes and international operations will take a little longer to get there. Joining oneworld will be a major boost to our profitability and domestic occupancy levels."
25/02/10 Saurabh Sinha/Times of India

To Read the News in full at Source, Click the Headline

Categories: Kingfisher Feb 2010