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Kingfisher may issue INR50b in new shares

Indian carrier Kingfisher Airlines will seek board approval to issue shares of up to 50 billion Indian rupees ($1 billion).

The airline will ask the board to consider the share issue at the company's 28 July board meeting, says a company statement on the Bombay Stock Exchange web site.

The announcement comes after Kingfisher secured shareholder approval to borrow up to 125 billion Indian rupees on 17 July.

According to Flight's ACAS database, Kingfisher has 88 aircraft on order and 25 on option. The airline has six types of Airbus aircraft on order, including 21 A320-200s, one A319-100, 15 A330-200s, three A340-500s, five A350-800s and five A380-800s. It has also ordered 23 ATR 42-600s and 15 ATR 72-500s.

Kingfisher retained its top position among Indian airlines in June, carrying 900,000 domestic passengers for a 24.4% market share.

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