Debt-laden Go Airlines' planned $485 million IPO put on hold by Sebi

Airlines is depending on the IPO proceeds to repay debt and dues to creditors including Indian Oil Corp.

Go Airlines India Ltd.’s plans to raise 36 billion rupees ($485 million) via an initial public offering have been put on hold by India’s market regulator, dealing another blow to the debt-laden carrier whose business has been decimated by the coronavirus pandemic.
 

Go Airlines’ share sale documents will be “kept in abeyance,” the Securities and Exchange Board of India said in a filing late Monday, without specifying the reason why.

A spokeswoman for Go Airlines said the company hasn’t received any communication from Sebi.

That delay is sure to be damaging to Go Airlines, which was depending on the IPO