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The Air India board has approved the rearrangement of authorised share capital by issue of preference shares worth Rs 7,500 crore as part of its debt restructuring plan.
These are proposed to be allotted to the lenders of the working capital as part of the financial restructuring plan that is being worked on. The proposal was approved by the board at its meeting here on Thursday. The State Bank of India (SBI) is the leader of the consortium of banks working on the restructuring plan of the airline.
In a statement the airline has said that a Cabinet note is being moved by the Ministry of Civil Aviation for equity infusion in Air India and for approving the Financial Restructuring Plan.
The airline reported a 12.3 per cent increase in passenger revenue in November this year compared with the previous year, while the Maharaja reported 7.7 per cent increase in number of passengers flown in November this year over the previous year. The airline did not, however, give the revenue figure or the number of passengers flown.
ashphadnis@thehindu.co.in
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