The board of Directors of InterGlobe Aviation, the parent firm of India’s largest airline Indigo on Thursday, announced that they have decided to further deliberate on plans to raise funds.
The board took the decision during their meeting held on Thursday.
“We hereby inform you that the Board of Directors of InterGlobe Aviation at its meeting have decided to further deliberate on the matter relating to raising of funds at a subsequent Board meeting,” the company said in a regulatory filing. However, specific details were not disclosed.
The announcement comes a day after the firm posted its highest ever quarterly net loss at Rs 2,844.3 crore for the first quarter of 2020-21.
The firm had posted a profit of Rs 1,203.1 crore in the like period of the previous fiscal.
Earlier on July 24, the company had announced that its board would meet on July 30 (Thursday) to discuss and consider, among other things, raising of funds through issue of equity shares, and/or Foreign Currency Convertible Bonds (FCCBs), among other instruments.
This could be through qualified institutional placement, rights issue, FCCB issuance, or such other permissible mode or combination, the filing had said.
Meanwhile, the company in its latest statement added that it “had a total cash balance of Rs 184,498 million comprising Rs 75,276 million of free cash and Rs 109,222 million of restricted cash. The capitalised operating lease liability was Rs 211,779 million. The total debt (including the capitalised operating lease liability) was Rs 235,516 million.”
In its outlook, the company said it expects the Q2 fiscal 2021 to be around 40 per cent of Q2 FY20.