New Delhi, May 14
GoAir, which has rebranded itself as ‘Go First’, has filed preliminary papers for an initial share sale worth Rs 3,600 crore and the proceeds will be mainly used to repay dues amid the aviation industry facing strong headwinds due to the coronavirus pandemic.
After taking to the skies 15 years ago, the Wadia group-promoted budget carrier is looking to mop-up the amount through issuance of fresh equity shares. It also has plans to raise up to Rs 1,500 crore by way of a pre-IPO placement.
Once the shares get listed, Go Airlines (India) Ltd will be the third operational scheduled carrier after SpiceJet and IndiGo to trade on Indian bourses.
In a release on Friday, GoAir said it has filed a draft red herring prospectus (DRHP) for an initial public offer (IPO) to raise up to Rs 3,600 crore through issuance of fresh equity shares. — PTI