New Delhi: In a fillip to the airline, Indigo has decided to raise up to Rs 3,000 crore by selling shares to institutional investors. The big development comes after Indigo’s parent company InterGlobe Aviation decided to take the Qualified Institutions Placement (QIP) route to raise the fund. The Covid pandemic has badly affected the airline and overall aviation industry in India. Also Read - LIVE Southampton Hourly Weather Updates, June 23, Wednesday, India vs New Zealand Reserve Day, WTC 2021 Final: Play Expected; Rain, Bad Light Threat Looms

InterGlobe Aviation has stated that its board has given it nod for “raising of funds for an aggregate amount not exceeding up to Rs 3,000 crore”. The decision was taken during a meeting on Monday. IndiGo’s fundraising exercise will be carried out via the issuance of equity shares as part of Qualified Institutions Placement (QIP). Also Read - Rubina Dilaik Puts Her Bigg Boss 14 Victory Gown For Virtual Charity Sale to Support LGBTQIA+

The major decision has come at a time when India’s airline IndiGo reported a net loss of Rs 620.1 crore. With this the airline reported loss in four consecutive quarters. The ongoing Covid pandemic has resulted in declining passenger traffic, low occupancy and demand. Also Read - Ghaziabad Unlock: Weekly Markets Can Now Open. Check Timing Here

The Gurugram-based airline is yet to declare its earnings for the March 2021 quarter and the financial year ending on March 31, 2021.

The down slide of Covid cases during the fag end of last year and the beginning of this year provided a ray of hope for airlines and aviation industry. However, the Covid second wave has once again proven to be major set back.