August 11, 2020

Indian airline IndiGo to fight virus woes with $534 mn share issue

Mumbai (AFP) – India’s largest airline IndiGo hopes to raise $534 million by issuing shares to try and boost liquidity after the coronavirus pandemic sparked record losses and job cuts.Airlines worldwide have reported steep falls in revenue because of a slump in demand as governments impose sweeping travel restrictions to battle COVID-19.IndiGo last month reported its highest-ever loss of 28.49 billion rupees ($382 million) for the quarter ending June 30, and said it would cut 10 percent of its staff.The carrier’s parent firm Interglobe Aviation announced late Monday that its board had approve…


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