Kingfisher in talks with investors on GDR issue: Vijay Mallya

Singapore: With jet fuel prices starting to move downwards, Kingfisher Airlines has resumed talks with investors for issuing global depository receipts (GDR) to raise around $300 million, its owner Vijay Mallya said.

"We had to postpone GDR issue as the fuel prices were going sky high. When we had planned this out, it was on the basis of the fuel prices remaining at around $90 per barrel. But the prices shot up to $120. So clearly, it had to be postponed. Now with the fuel prices coming down, the investors are engaged with us," he said.
The carrier had planned a GDR issue in December last year to reduce its debt but had failed to do so as its stock prices began slumping.
06/06/11 PTI/Times of India

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Categories: Kingfisher Jun 2011