Kingfisher to raise Rs 3,000 cr

Private carrier Kingfisher Airlines plans to raise $ 600 million (Rs 3,000 crore) in the current financial year to pay-off a part of its debt.

Private carrier Kingfisher Airlines plans to raise $ 600 million (Rs 3,000 crore) in the current financial year to pay-off a part of its debt.

“We are in discussions with private equity players to raise $400 million, (Rs 1,880 crore) the negotiations are in advanced stages. We have also taken shareholders nod for raising $100 million (Rs 470 crore) through rights issue and $100 million through global depository receipts),” the airlines’ chairman Vijay Mallya said here.

The money is expected to be raised in the current financial year and it would be used for “retiring debts”. He said that the airline would start services to more international destinations for which it has got approval from the government.