Indigo in $540 million qualified institutions placement

The board of directors of InterGlobe Aviation, which operates Indian carrier, IndiGo, has approved raising up to  4,000 crore rupees ($540 million) through a qualified institutions placement, the company said today. The board of directors  has considered and approved the raising of funds for an aggregate amount not exceeding $540 million through an issue of equity shares by way of a qualified institutions placement, in accordance with the relevant provisions of applicable law and subject to approval of the company’s shareholders and receipt of applicable regulatory approvals”, the airline said in a stock exchange notification. QIP is a capital-raising tool through which