IndiGo's board approves plan to raise funds up to Rs 3,000 crore through QIP

The board of directors of InterGlobe Aviation Limited (IndiGo) on Monday, May 10, 2021, approved the raising of funds for an aggregate amount not exceeding Rs 3,000 crore through a Qualified Institutions Placement (QIP) process.

In a regulatory filing at BSE, the company which operates the country's largest domestic airline IndiGo said, "the Board of Directors of InterGlobe Aviation Limited (the "Company"), at its meeting held today, i.e., May 10, 2021, has approved the raising of funds for an aggregate amount not exceeding INR 3,000 Crores through an issue of equity shares by way of a Qualified Institutions Placement, in accordance with the relevant provisions of applicable laws and subject to the approval of the Company's shareholders and receipt of applicable regulatory approvals."

The board of the company met earlier on Friday, May 7, 2021, to consider raising funds through a QIP process. At the meeting, it was decided that the airline should continue to explore all options to increase its liquidity, including by way of a QIP.

QIPs are a way to issue shares to the public without going through standard regulatory compliance.