Kingfisher Airlines to raise $100 Million

New Delhi: Vijay Mallya-owned Kingfisher Airlines Monday said it planned to raise $100 million (about Rs.500 crore) in Global Depository Receipts (GDRs).

In a regulatory statement to the Bombay Stock Exchange (BSE), it said the funds would be raised subject to shareholders' approval.

It also apprised the BSE of a decision taken July 28 to induct up to $100 million by way of a rights issue.

The board also approved raising the company's authorised share capital to Rs.1,000 crore from Rs.500 crore, subject to shareholders approval, Kingfisher said.

Currently, the airline has been reporting losses of over $240 million (Rs.1,200 crore).