Kingfisher to raise $100m, tap overseas equity markets

Singapore
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India's Kingfisher Airlines plans to raise up to $100 million through various instruments, including global depository receipts (GDRs).

Its board passed an enabling resolution for an additional fund raising through various instruments including GDRs, up to an amount of $100 million, Kingfisher says in a stock exchange filing.

This amount is "over and above" the board's decision on July 28 to tap the Indian equity market for 5 billion Indian rupees ($102 million), it adds.

Kingfisher gave no details about where the GDRs will be issued.

At of late July, Kingfisher had 60 billion Indian rupees of debt on its balance sheet.