Kingfisher Airlines likely to raise Rs4 billion

Kingfisher Airlines Ltd is likely to come out with a rights issue offering shareholders one equity share for every one they hold to raise nearly Rs4 billion, the Economic Times reported on Thursday.                                           

The funds would be used to retire the mounting debt, the newspaper reported citing sources close to the development.                                            

The troubled carrier has appointed SBI Capital as the arranger of the issue, the newspaper reported.                                           

A Kingfisher spokesman contacted by Reuters refused to comment.