InterGlobe Aviation shares gained nearly 1 per cent in a weak market as the airline has announced plans to raise Rs 3,000 crore. At 10:20 am, the shares of InterGlobe Aviation, the parent of Indigo Airlines, were trading at Rs 1,686.55, higher by 0.51 per cent, on the BSE.
"The Board of Directors of InterGlobe Aviation, at its meeting held today, i.e. May 10, 2021, approved raising of funds for an aggregate amount not exceeding up to Rs 3,000 crore", InterGlobe Aviation said in a regulatory filing to the stock exchanges.
The funds would be raised through sale of shares to institutional investors.
The fund raising plan comes at a difficult time for the airline industry as the coronavirus pandemic has resulted in a decline in passenger demand.
The BSE Sensex is trading at 49,082.35, lower by 412.90 points or 0.83 per cent and Nifty is at 14,833.25, down 109.30 points or 0.73 per cent at the time.