Go Airlines (India) Ltd. (GoAir) has filed a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise up to ₹3,600 crore through fresh issue of shares.
The net proceeds from the IPO would be used for prepayment or scheduled repayment of certain outstanding borrowings; replacement of letters of credit issued to aircraft lessors towards securing lease rental payments and future maintenance of aircraft, with cash deposit; repayment of dues to Indian Oil Corporation Ltd., for fuel supplied to the company and for general corporate purposes.
GoAir has placed firm orders for delivery of 144 Airbus A320neo aircraft as part of the growth plan. Of these, the airline has already taken delivery of 46 Airbus A320neo aircraft and is awaiting delivery of 98 Airbus A320neo aircraft.
