InterGlobe Aviation Limited to form subsidiary for financing aviation assets

The Board of Directors of InterGlobe Aviation Limited, at its meeting held today, September 4, 2023 (staring time: 10.30 a.m., closing time: 12.30 p.m.), has approved the incorporation of a wholly owned subsidiary of the Company for Financial Services business and investment up to INR 30 crores in one or more tranches. The objective of the subsidiary will be financing of aviation assets.

The board also approved issuing corporate guarantees of up to USD 996 million (or an equivalent amount in Indian Rupees or any other currency) to secure the payment obligations of aforesaid wholly owned subsidiary.

Shares of InterGlobe Aviation Limited was last trading in BSE at Rs. 2438.60 as compared to the previous close of Rs. 2433.25. The total number of shares traded during the day was 13301 in over 1523 trades.

The stock hit an intraday high of Rs. 2445.05 and intraday low of 2402.50. The net turnover during the day was Rs. 32272989.00.

Source : Equity Bulls

Keywords

InterGlobeAviation INE646L01027 INDIGO Airlines Subsidiary FinancialServices AviationAssetsFinancing