Kingfisher Airlines to raise funds up to $100 million

The board of directors of Kingfisher Airlines passed an enabling resolution for an additional fund raising through various instruments including GDRs (Global Depositary Receipt), up to an amount of $ 100 million, subject to the approval of the shareholder at its meeting held on August 31, 2009.

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.