The board of Kingfisher Airlines has approved a $434 million rights issue of shares, Economic Times reports. The board has also made some changes in the terms for the issue of optionally convertible debentures allotted on January 3. An investor can convert these debentures into shares at a price set by the issuer. Previously, the company issued the debentures worth more than $152 million to three firms acting in concert with the founders. The debentures will be redeemed before the rights issue. The company’s debt stood at about $1.3 billion at the end of April.

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