Vijay Mallya-led Kingfisher Airlines board on Monday approved an enabling resolution to raise $100 million (nearly Rs 487.8 crore) by various fund raising instruments.
The board of directors of the company have approved that the funds be raised through various instruments including Global Depository Receipts (GDRs), Kingfisher Airlines said in a filing to the Bombay Stock Exchange (BSE).
The proposal is subject to shareholders’ approval, the filing added.
This is in addition to the decision for induction of capital for an amount not exceeding Rs 500 crore by a rights issue of equity shares taken at the last board meeting held on July 28.
Further, the board has also approved to raise the authorised share capital of the company to Rs 1,000 crore from Rs 500 crore, subjected to shareholders approval, the filing added.
Shares of Kingfisher Airlines were trading at Rs 48.25 on the BSE, up 1.15 per cent from previous close.