New Delhi: Airline company Go Airlines has received the approval of the Securities and Exchange Board of India (SEBI) for initial public offerings (IPO) worth Rs 3,600 crore. The company has named it a new brand called 'Go First' (Go First). According to the document submitted to the SEBI, the airline plans to raise Rs 3,600 crore through the sale of shares. The company also plans to raise Rs 1,500 crore on pre-IPO planning basis.

According to the latest information available with the SEBI about the IPO, the company had submitted preliminary papers in May for IPO. He received approval from SEBI on August 26. The information was made public on Monday. In June, SEBI banned go airlines draft paper for the sale of shares. According to the document, the amount received from IPO will be used by the airline to pay off loans worth Rs 2,015.81 crore.

Rs 279.26 crore will be used for the replacement of the Letter of Credit, which is issued to some aircraft leaseholders with cash deposits for lease rental payments and maintenance of aircraft. Go Airlines has also planned to pay Rs 254.93 crore as fuel dues supplied to Indian Oil Corporation.

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