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Our Bureau

Thiruvananthapuram , Jan. 19

A MEETING of the board of directors of Cochin International Airport Ltd (CIAL) has approved a proposal to raise the authorised capital limit from Rs 200 crore to Rs 400 crore subject to the approval from the Centre.

The board of directors, which met here, also decided in favour of going for a rights issue at par to the existing shareholders in the ratio of 1:1, sources said. The paid-up capital will go up from Rs 149 crore to Rs 298 crore.

The country's first aviation venture owned by the public, CIAL has the Kerala Government as the single largest shareholder. Members on the board include political leaders, industrialists, NRIs and representatives of financial institutions.

Other shareholders include Federal Bank, State Bank of Travancore, Bharat Petroleum, Air India, Housing and Urban Development Corporation and nearly 10,000 non-resident Indians from 30 countries.

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