In a bid to trim its huge debt of Rs 6,000 crore,the board of cash-strapped private carrier Kingfisher Airlines has approved a rights issue to mobilise up to Rs 2,000 crore,but without setting a time-frame. The airline,which had reported a net loss of Rs 263 crore on a revenue of Rs 1,882 crore in the April-June quarter,has been trying to raise funds through a global depository receipts issue of $250-350 million,for quite some time now. In a filing to the BSE,Kingfisher today said its Board of Directors has approved the issue of equity capital on rights basis (for) an amount not exceeding Rs 2,000 crore. The airline board met yesterday and took the decision. When contacted,the airline spokesperson refused to comment saying.
