No-frills carrier IndiGo will seek shareholders’ approval for increasing its borrowing limit to Rs 20,000 crore. The current cap is Rs 150 billion (Rs 15,000 crore).
Increasing the borrowing limit is among the proposals for which the airline will be seeking nod at the annual general meeting to be held on September 21.
“Considering the existing borrowing limits of the company with various banks/financial institutions and in order to meet the financial requirements for growth plans of the company, the borrowing limits previously sanctioned by the shareholders are proposed to be increased to Rs 200 billion (Rs 20,000 crore),” the airline said.
Among others, proposals for re-appointment of Devadas Mallya Mangalore as Chairman and Non-Executive Independent Director as well as that of Anupam Khanna as Non-Executive Independent Director will be put up for shareholders’ approval, as per the notice of the meeting.
The stock closed almost flat at Rs 880.20 on the BSE.