Latest News | IndiGo to Raise Up to Rs 4,000 Crore Through QIP

New Delhi, Aug 10 (PTI) IndiGo's parent company InterGlobe Aviation on Monday said it will raise up to Rs 4,000 crore through a qualified institutional placement (QIP).

The aviation sector has been hit hard due to travel restrictions amid the coronavirus pandemic.

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Consequently, IndiGo has cut salaries of senior employees and fired 10 per cent of its workforce during the last few weeks.

InterGlobe Aviation informed the BSE that its board of directors has approved "the raising of funds for an aggregate amount of not exceeding Rs 4,000 crores through an issue of equity shares by way of qualified institutional placement."

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The company had on July 29 announced a massive loss of Rs 2,844 crore for the quarter ended June 30. In the corresponding period a year ago, it had posted a net profit of Rs 1,203 crore.

IndiGo on July 27 said it is implementing "deeper" pay cuts of up to 35 per cent for its senior employees in order to reduce its cash outflow amid the coronavirus pandemic.

From May onwards, IndiGo had implemented pay cuts of up to 25 per cent for its senior employees.

The deeper pay cuts came after the airline's announcement on July 20 that it would lay off 10 per cent of its workforce.

Scheduled international flights have been suspended in India since March 23 due to the coronavirus-triggered lockdown.

However, India has recently signed bilateral 'air bubble' arrangements with countries like the US, Germany and France that allows airlines of each country to operate international flights under certain restrictions.

Domestic flights resumed in India after a gap of two months on May 25.

Occupancy rate in Indian domestic flights has been around just 50-60 per cent since May 25.

All airlines in India have taken cost-cutting measures such as pay cuts, leave without pay and firings of employees in order to conserve cash in the aftermath of the COVID-19 crisis. PTI DSP ABM ABM 08101917 NNNNon the second game 4-0.

"It's definitely different," Gardenhire said.

"You can use your bullpen a lot different, earlier in the game and try to get through that part. We had, you know, opener in both games, so we had to use a lot of pen guys."

A shorter game can take less of a toll on a team's bullpen, and it also presents a chance for a dominant starter to shine.

"Sounds obvious, but everything happens faster. It's almost like one good way to look at it is the first inning becomes the third inning," Reds manager David Bell said before Sunday's games.

"I remember in the minor leagues seeing a lot of pitching gems in the seven-inning games, so I think it's an opportunity for starting pitchers — to really from pitch one, you can see the end a little bit quicker."

Sure enough, Cincinnati's Trevor Bauer threw a two-hit shutout in the second game against Detroit. But that effort took 2 hours, 36 minutes, and the opener was played in 2:25.

That would feel short if it were a nine-inning game, but it wasn't like the Reds and Tigers just breezed through the day.

The Tigers had another doubleheader scheduled for Wednesday against St. Louis, but that was postponed Monday, along with the entire four-game series in Detroit, when MLB announced that seven Cardinals players and six staff members tested positive for COVID-19.

There was a time when doubleheaders were a constant presence in the majors. The Boston Braves played a record 46 of them in 1945, according to SportRadar. But last year, there were 33 doubleheaders total, and the New York Yankees led the way with seven.

Now these seven-inning doubleheaders are a possibility every team should be prepared to face.

"We'll do our best when that's in front of us, try and win those games. Obviously, it's a little bit different," Yankees manager Aaron Boone said.

"You know, it's hard to know how you attack those days until you're there and what the day before looked like, what the days coming up look like — who's on the mound those days? Those are all things you kind of factor in as you get closer. I don't know how much necessarily changed, other than it's a little bit different circumstances that we have to navigate." (AP)

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)