InterGlobe Aviation share gained 2% today after the firm's board approved raising up to Rs 3,000 crore through sale of shares to institutional investors. Share of InterGlobe Aviation climbed 2% to Rs 1,711 against previous close of Rs 1,677 on BSE. 0.26 lakh shares of the firm changed hands amounting to turnover of Rs 4.39 crore.
The stock has climbed 75% in one year but fallen 2.58% since the beginning of this year. Market cap of the firm rose to Rs 64,895 crore. The aviation stock hit 52-week high of Rs 1,822 on March 3, 2021 and 52-week low of Rs 850.30 on May 18, 2020.
On Monday, shares of the company rose 2.34 per cent to close at Rs 1,677.95.
The fund raising plan of the company comes at a time when the airline industry is facing significant headwinds due to the coronavirus pandemic that has resulted in falling passenger demand and low occupancy in flights.
InterGlobe Aviation said its board, during the meeting on Monday, approved "raising of funds for an aggregate amount not exceeding up to Rs 3,000 crore". This will be done through issuance of equity shares by way of Qualified Institutions Placement (QIP).
The Gurugram-based airline reported a loss of Rs 620 crore in Q3 of previous fiscal against Rs 556.53 crore profit in corresponding fiscal. Total revenue fell by 50.21 per cent year-on-year to Rs 5,142.77 crore from Rs 1,030.17 crore in the year ago quarter. The company is yet to announce its earnings for the March 2021 quarter as well as for the fiscal year ended March 2021.
Meanwhile, Sensex was trading 343 points lower at 49,170 and Nifty lost 83 points to 14,858 in afternoon session.