The board of IndiGo Airlines (6E, Delhi International) parent InterGlobe Enterprises decided at a meeting on July 30 to "further deliberate on the matter relating to the raising of funds at a subsequent board meeting," it said in a stock exchange filing.
This followed an earlier resolution on July 24 to consider various ways to raise funds "through the issue of equity shares, and/or foreign currency convertible bonds, and/or non-convertible debentures, and/or any other eligible instruments or securities."
The announcement to further deliberate the issue came as the company posted its highest ever quarterly net loss, INR28.44 billion rupees (USD378 million), covering the first quarter of the 2020-21 financial year. It recorded a profit of INR12.03 billion (USD160 million) for the same period last year.
It currently has a total cash balance of INR184.5 billion (USD2.45 billion), comprising INR75.28 billion (USD1 billion) in free cash and INR109.22 billion (USD1.45 billion) in restricted cash, it said in a statement on July 30.
The previous day, the Indian low-cost carrier said it planned to raise at least INR20 billion (USD266 million) through the sale and leaseback of aircraft and other assets.
"Managing cash continues to remain our primary focus and we continue to work with all our stakeholders to raise liquidity," chief financial officer Aditya Pande said during a conference call to discuss the quarterly results.
The company is in advanced talks on selling and leasing back some of its unencumbered assets, he added.
IndiGo Airlines currently operates a fleet of 115 A320-200s, 108 A320-200Ns, nineteen A321-200NXs, and twenty-five ATR72-600s, the ch-aviation fleets module shows. It temporarily halted operations in March and has slowly been rebuilding its schedules, but it said last week that it would cut 10% of its workforce.
