Vijay Mallya owned Kingfisher Airlines has resumed talks with investors for issuing global depository receipts (GDR) to raise around $300 million in the light of declining aviation turbine fuel prices. The company earlier had to put its funds raising plans on the backburner due to sky rocketing fuel prices.
However, the airline now has appointed Citi, JPMorgan and CLSA as its merchant bankers for the issue. The carrier had in December last year planned a GDR issue to reduce its debt.
The airline registered a net loss for FY11 at Rs 1027.40 crore as compared to a net loss of Rs 1647.22 crore for FY10. Its income from operation has increased by 24.95% at Rs 6359.64 crore for the year from Rs 5089.87 crore in previous year.
Kingfisher Airlines is one of the seven airlines to be ranked as a 5-star airline by the independent research consultancy firm Skytrax. It operates more than 375 daily flights to 71 destinations, with regional and long-haul international services.
