Go Air files IPO papers to raise Rs 3,600 crore, rebrands itself

India's largest airline by market share will use the proceeds to meet debt obligations, pay oil companies.

Go Air has filed a draft red herring prospectus for a share sale to raise Rs 3,600 crore, as it rebrands to become an "ultra-low-cost" airline.

The Wadia group airline will use the proceeds to meet debt obligations, pay oil companies and for replacement of letter of credit to aircraft lessors for lease rental payment and future maintenance of aircraft.

ICICI Securities, Citi Bank, Morgan Stanley will handle the share sale process. Known as GoAir since its inception in 2005, the airline changed its name to Go First on Thursday.

The airline, India’s largest airline by market share, is raising