Nov
09
09
India’s Kingfisher to retire debt from fundraising
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NEW DELHI, Nov 9 (Reuters) – India’s Kingfisher Airlines (KING.BO) intends to use the major portion of its planned fundraising to retire debt and reduce its interest burden, its chairman said on Monday.
“I have confirmed that we are raising money. I would certainly use a large part of that to reduce debt,” Vijay Mallya told reporters at the World Economic Forum.
Earlier, Mallya had said he was in advanced talks with private equity firms to raise $400 million, and would also be completing a $100 million rights share issue and a $100 million global depository receipts issue by the end of the fiscal year. (Reporting by Rajesh Kumar Singh; Editing by John Mair)
