Kingfisher Airlines stock up over 4% on revival plan

MUMBAI: Shares of Kingfisher Airlines surged higher in early trade after the company submitted revival plan to Directorate General of Civil Aviation ( DGCA) to restart flying operations.

"We have given a complete plan ... which includes our schedule that we plan to operate, the aircraft we plan to operate, the number of people we have," CEO, Sanjay Aggarwal told reporters in New Delhi.

The company has requested DGCA to renew its licence. The company plans to restart ops with 5 Airbus and 2 ATR planes.

UB Group is likely to provide Rs 650 crore for restarting operations.

The flying operations of Kingfisher Airlines were grounded last year due to cash crunch and high debt.

At 10:00 a.m.; the stock was at Rs 7.90, up 4.77 per cent, on the BSE. It touched a high of Rs 7.91 and a low of Rs 7.45 in trade today.