Grounded GoFirst drives Bombay Burmah shares down 5%

Bombay Burmah Trading Corp holds 32.61 percent equity stake in budget carrier Go First.

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Shares of Wadia Group company Bombay Burmah Trading Corporation slumped 4.72 percent to Rs 991.65 in early trade on May 3 after group firm GoFirst filed for voluntary insolvency resolution.

The fall caps a 36 percent rise in the stock from March 28- May 1.

Bombay Burmah Trading Corp, in a late night regulatory filing on May 2, said it holds 32.61 percent equity stake in the budget carrier.

The effect of GoFirst’s insolvency filing on the financial statements for the year ended March 31, 2023, as a post-period event would be assessed and reported in due course, the filing said.

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Other Wadia Group firms were also trading in the red on May 3. Bombay Dyeing dropped 1.69 percent to Rs 90.15, National Peroxide 0.81 percent to Rs 1,382, while Britannia Industries was trading marginally down at Rs 4,530 in early trade.

Bombay Burmah, through its subsidiary Baymanco Investments Ltd, had infused around Rs 210 crore into cash-strapped GoFirst in the December quarter through an issue of compulsory convertible preference shares (CCPS), CNBC TV-18 reported.

The CCPS will be converted into equity shares after five years from the date of allotment.

Also Read: InterGlobe Aviation soars as Go First bankruptcy opens doors for higher fares, market share

The Wadia group had in 2021 infused around Rs 2,000 crore into GoFirst in equity and bridge loans ahead of its planned IPO.

GoFirst on May 2 announced that it has filed an application for voluntary insolvency resolution proceedings before the National Company Law Tribunal (NCLT), Delhi.

The announcement was made by the airline’s CEO Kaushik Khona shortly after the carrier said it will temporarily suspend flight operations on May 3 and 4 due to a “severe fund crunch”.

MC Exclusive | Cash burn of Rs 200 crore a month leaves GoFirst broke: CEO

The flights will be restarted once the NCLT admits the application, Khona said, adding that the airline has grounded 28 planes, which is more than half of its fleet, due to the non-supply of engines by Pratt & Whitney (P&W).

As per a Reuters report, GoFirst owes Rs 6,521 crore to lenders like Central Bank of India, Bank of Baroda, IDBI Bank, Axis Bank and Deutsche Bank. As of April 30, GoFirst had not defaulted on any of these dues, it said in its bankruptcy filing, which was seen by Reuters.

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