InterGlobe Aviation Limited, the operator of India’s largest domestic airline IndiGo Airlines, has shortlisted four investment banks to help raise funds of up to Rs 3,000 crore, as it looks to bolster its balance sheet and tide over the Covid-19 turbulence in the aviation industry, people familiar with the matter told Moneycontrol.
Rivals SpiceJet and Wadia-group promoted GoFirst ( formerly GoAir) are also exploring plans to raise money. SpiceJet is looking to raise Rs 2,500 crore to fund working capital requirements while GoFirst is eyeing the IPO route which has been put on hold temporarily by Sebi.
“Citi, JP Morgan, BNP Paribas & Morgan Stanley have been taken on board as advisors for the IndiGo QIP (qualified institutional placement),” said one of the persons cited above.
A second person said based on market conditions, the IndiGo QIP may be launched in August 2021. “But no final call has been taken as yet and timelines haven’t been frozen and may change later.”