In a filing to the Bombay Stock Exchange, the Vijay Mallya-led firm said its board would meet on July 28 to 'consider issue of further share capital up to Rs 500 crore and matters consequential thereto'.
With no end to the deadlock, a question mark hung over the airline's plans to resume operations from Friday, after a four-day partial lockout and complete suspension of all operations since Monday night.
Although a merger with low-cost carrier SpiceJet would have made the Kingfisher-Deccan combine the largest carrier in Indian skies, it would have put a huge burden on the Vijay Mallya-controlled carrier's financials, feel experts. SpiceJet's losses have almost doubled to Rs 133 crore (Rs 1.33 billion) this year -- of which Rs 123 crore (Rs 1.23 billion) were incurred in the March quarter -- as compared with last year.
Kingfisher Airlines will operate international flights between Bangalore and San Francisco, Bangalore-New York and Mumbai-London flights from August this year.
Bankers meet today to decide on asset sale, invoking Mallya's personal guarantees.
The Directorate General of Civil Aviation had suspended Kingfisher's SOP on October 19 till further orders after a lockout and its failure to come up with a viable plan of financial and operational revival.
Vijay Mallya-led loss-making air carrier Kingfisher Airlines will need to infuse more funds if its wants to stay afloat, its auditors said.
Amid the debate over bailout for private carrier Kingfisher Airlines, SpiceJet chief Neil Mills on Monday said the government should not use taxpayers' money to revive a private sector company.
On whether the bank will consider making fresh advances to Kingfisher, SBI managing director Hemant Contractor said, "We have to be satisfied about the viability of the company.
In a dramatic turn of events in May 2019, an Emirates aircraft en-route to Dubai was asked to stop while it was taxiing for a take off in Mumbai. The pilot was given no reason and ordered to immediately return to the parking bay. As the aircraft returned to the terminal, two passengers from the first class - Naresh Goyal and his wife Anita - were offloaded by the immigration authorities, who said the duo cannot leave the country. Goyal, founder of Jet Airways, was stunned. The man, who ruled the aviation sector for two and a half decades with an iron hand, did not expect to be offloaded in this fashion.
Kingfisher has hastened to point out that a suspension was not a cancellation.
Kingfisher Airlines is likely to commence international operations from August. It will initially start its operations to destinations like San Francisco, London, New York from the Bangalore Airport. Some more destinations will be added later, according to Siva Ramachandran, vice-president (global sales), Kingfisher Airlines.
Vijay Mallya, who had a meeting with the employees including pilots and engineers late on Monday night, had assured them that their dues would be paid in a staggered manner by April 10.
Jet Airways and Kingfisher have shown interest to operate in the proposed airport in the industrial belt of Asansol-Durgapur region of West Bengal, Subrata Paul, chief executive officer of Bengal Aerotropolis Projects (BAPL) which is setting up the 10,000-crore airport city project, said.
Flight schedules to be affected more than thought earlier.
Shares of Kingfisher Airlines on Friday slumped by over 19 per cent to an all-time low on the bourses, before recovering some ground, as the cash-strapped company continued to face turbulence after it cancelled 30 more flights on Thursday.
Kingfisher has said it is in talks with foreign carriers for bringing in FDI, a move that is expected help it overcome financial troubles.
Simplifly Deccan, the low-cost carrier (LCC) brand formed after the merger of full service airline Kingfisher and the LCC Air Deccan, may soon cease to exist.
Presenting the making of the calendar.
The outstanding loan amount is Rs 7,000 cr.
So that salaries can be paid and grounded planes reinstated.
The venue Mykonos in Greece served the perfect backdrop for the annual calendar.
Bank claims it wasn't quizzed by CBI, only financial information was sought.
Germany plane financier has sued the aviation regulator and the airlines.
Kingfisher Airlines will be the Official Umpire Partner for the Indian Premier League and will also sponsor all third umpire decisions during the 59 action packed games in the Twenty20 tournament beginning next month.
The defunct Kingfisher Airlines still maintains a big employee roster.
The consortium of 17 banks, led by SBI, has an outstanding of over Rs 7,000 crore (Rs 70 billion) from the carrier but has shares of listed entities like United Spirits as collaterals which should realise Rs 500 crore (Rs 5 billion).
The airline, however, has not secured approval from airports to fly again.
The airline which has not flown for more than a year, had reported a loss of Rs 755.17 crore (Rs 7.55 billion) a year earlier, Kingfisher said in a filing to the BSE.
The Mumbai International Airport (MIAL) has threatened preventing Kingfisher Airlines from operating from May 14 if the cash-strapped carrier does not clear the dues towards airport charges or at least opt for a cash-n-carry mode.
Cash and carry basis means the airline will not be allowed to operate flights out of Mumbai unless it pays for landing and parking for each movement on an immediate basis.
The agency is looking at alleged "diversion of funds and financial reporting frauds".
Aviation Minister said that the UB group did not say they are going to give money to the ailing airline.
We bring you all the action that went behind the making of the Kingfisher Swimsuit Calendar 2013. Keep clicking!
The company agrees to give interim funding till the airline gets an equity partner
Ailing Kingfisher Airlines will have to satisfy aviation regulator DGCA about safe flight operations and also make sure that its employees are not disgruntled before it resumes its services, Civil AviationMinister Ajit Singh said.
The brand name was pledged to 14 lenders, including State Bank of India (SBI), under a debt recast agreement in which loans valuing Rs 6,500 crore were restructured and converted into equity.
Kingfisher is in discussion with various investors, including Etihad, for equity investments in the company, but matters are merely at negotiation stages, it said in a statement to the stock exchange.
Kingfisher said the price was arrived in accordance with the pricing guidelines prescribed under the Securities and Exchange Board of India, which is the average of the past six months' price, 30 days prior to the relevant conversion date.
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