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ICICI Bank acquires 5.68% in Kingfisher Airlines

ICICI Bank acquires 5.68% in Kingfisher Airlines
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First Published: Thu, Apr 07 2011. 03 21 PM IST
Updated: Thu, Apr 07 2011. 03 21 PM IST
Mumbai: Debt-laden Kingfisher Airlines said on Thursday private lender ICICI Bank has acquired 28.26 million shares, or 5.68% stake, in the carrier on the conversion of compulsorily convertible preference shares.
On 31 March the airline had issued 116.3 million shares, or 23.4% equity, to a consortium of 13 banks led by State Bank of India , to restructure part of its debt.
Kingfisher also allotted shares to founder entities United Breweries (Holdings) and Kingfisher Finvest India.
The airline has restructured its debt by converting almost Rs1200 crore of loans into equity and its current debt stands at about Rs6000 crore, Ravi Nedungadi, chief financial officer of UB Group, which controls Kingfisher, had told Reuters earlier this week.
On Wednesday, it said State Bank of India picked up 5.68% in it for Rs180 crore.
At 12.33 pm, Kingfisher shares were down 1.14% at Rs47.5 in a choppy Mumbai market.
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First Published: Thu, Apr 07 2011. 03 21 PM IST
More Topics: Kingfisher Airlines | Debt | ICICI Bank | Shares | SBI |