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InterGlobe Aviation gets shareholders’ nod to hike borrowing limit

InterGlobe Aviation, parent of no-frills airline IndiGo, has received shareholders' approval to increase its borrowing limit to Rs 20,000 crore.

By: | New Delhi | Published: September 22, 2016 5:17 PM
Domestic air traffic, DGCA, Indigo, spicejet, jet airways, jet lite, vistara InterGlobe Aviation, parent of no-frills airline IndiGo, has received shareholders’ approval to increase its borrowing limit to Rs 20,000 crore. (Reuters)

InterGlobe Aviation, parent of no-frills airline IndiGo, has received shareholders’ approval to increase its borrowing limit to Rs 20,000 crore.

Shareholders have also given their nod for re-appointment of Aditya Ghosh as Director, Devadas Mallya Mangalore as Chairman and Non-Executive Independent Director, and Anupam Khanna as Non-Executive Independent Director.

Besides, the company has got approval for alteration to its Article of Association.

In a filing to BSE, InterGlobe said the proposals were approved by the shareholders during their meeting held on September 21.

Now, the company’s borrowing limit has been increased to Rs 20,000 crore, from the earlier level of Rs 15,000 crore.

“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),” it had said.

In the three months ended June 2016, IndiGo saw its net profit slide more than 7 per cent to Rs 591.77 crore. The same stood at Rs 638.89 crore in the year-ago period.

Total revenue during the April-June quarter rose 9.7 per cent to Rs 4,741.45 crore, from Rs 4,211.54 crore in the same period a year ago.

Shares of the company rose 1.28 per cent to close at Rs 894.70 on BSE.

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