Kingfisher Airlines to raise upto $ 1 billion

Kingfisher Airlines Ltd has announced that the Board of Directors of the Company at its meeting held on August 31, 2010, passed an enabling resolution for issuing further capital through various instruments including preference shares and/or equity shares and/or GDRs or such other instruments, by way of rights issue / preferential issue / GDR issue or in such other manner as the Board may deem fit upto an amount of Rupees Five Thousand Crores (approximately US $ 1 billion), subject to the approval of the shareholders.

It was also consequentially decided at the Board Meeting held on August 31, 2010, to seek the approval of the shareholders for increase in Authorised Share Capital of the Company from Rs 1,000 crores to Rs 4250 crores and consequential alterations to the Memorandum and Articles of Association of the Company, as may be required.

The stock closed the day at Rs.59.35, down by Rs.0.50 or 0.84%. The stock hit an intraday high of Rs.62.55 and low of Rs.58.50.

The total traded quantity was 37.55 lakhs compared to 2 week average of 42.77 lakhs.

Source : Equity Bulls

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