Kingfisher Airlines plans Rs 350-cr equity infusion

New Delhi: As part of its financial restructuring plan to reduce debt burden, Kingfisher Airlines will infuse equity amounting to Rs 350 crore during this financial year.
Besides this, the airline, which has unsecured loans and preference capital worth Rs 395 crore from the United Breweries (UB) Group, will convert them into equity during the ongoing fiscal.
In an analyst presentation, the airlines also said it proposes to seek a two-year moratorium on all its loan repayments. However, the carrier plans to repay them within a nine-year timeframe.
Moreover, the airline has also initiated the process to raise $200 million through a global depository receipts (GDR) issue this fiscal, for which Citibank, Morgan Stanley, CLSA and UBS have been roped in.
28/07/10 Economic Times

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

Categories: Kingfisher Jul 2010