Kingfisher Airlines to raise US$100 million

Kingfisher Airlines Ltd has announced that the Board of Directors of the Company at its Meeting held on August 31, 2009, passed an enabling resolution for an additional fund raising through various instruments including GDRs, upto an amount of US $ 100 Million, subject to the approval of the shareholders. This is over and above the decision taken at the last Board Meeting held on July 28, 2009 for induction of capital for an amount not exceeding Rs. 500 crores by way of rights issue of Equity shares, as already intimated.

It was also consequentially decided at the Board Meeting held on August 31, 2009, to seek, the approval of the shareholders for increase in Authorised Share Capital of the Company from Rs. 500 crores to Rs. 1000 crores and consequential amendments to the Memorandum and Articles of Association of the Company.

The stock was trading at Rs.48.20, up by Rs.0.50 or 1.05%. The stock hit an intraday high of Rs.48.90 and low of Rs.46.55.

The total traded quantity was 1843006 compared to 2 week average of 1063027.

Source : Equity Bulls

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