Press Esc to close
Tuesday 28 June 2016
News updated at 7:57 AM IST
Weather
Max: 27.5°C
Min : 19.4°C
In Bengaluru
Generally cloudy

SBI group firm sells over 85 lakh shares in Kingfisher

Mumbai, Apr 11, 2013 (PTI):

SBICap Trustee Company, an SBI group entity, today offloaded more than 85 lakh shares of cash-starved Kingfisher Airlines in a transaction worth nearly Rs 7 crore.

Recently, lenders of Vijay Mallya-led group's Kingfisher Airlines have begun selling other group firm shares pledged with them to recover their loans amid huge accumulated losses and soaring debt levels of the airline that is grounded since October 2012.

The shares were pledged as security for loans taken by Kingfisher Airlines.

As per data available with the stock exchanges, SBICap Trustee Company sold 85.17 lakh shares of the ailing carrier for Rs 6.70 crore in open market transactions today.

The shares were sold by SBICap at an average price of Rs 7.87.

A significant portion of the promoter shares in all UB group companies, including Kingfisher, are pledged with various lenders.

Yesterday, Mangalore Chemicals and Fertilizers (MCFL), another UB Group firm, said about 8.44 per cent of the stake belonging to its promoter firm United Breweries Holdings has been sold by a lender.

MCFL had said the shareholding of the promoter firm United Breweries Holdings has come down to 16.07 per cent from earlier 24.51 per cent in the company "on account of invocation of pledge created in favour of lender".

MCFL, however, did not reveal the name of the lender which sold the United Breweries Holdings's 8.44 per cent stake comprising one crore shares in the company on April 1.

Promoters -- United Breweries Holdings, United Spirit and McDowell Holdings -- together held a stake of 30.44 per cent in MCFL by the end of December 2012, nearly 70 per cent of their shares were pledged with various lenders.

Last week, SBICap Trustee Company had sold one crore shares of MCFL, accounting for over 8 per cent stake, for Rs 38.5 crore in open market transactions.

At the end of December quarter, State Bank of India    held 2.82 crore shares or 3.49 per cent stake in Kingfisher Airlines.

Shares of Kingfisher Airlines today surged 4.51 per cent to settle at Rs 7.88 apiece on the BSE.


Go to Top

Photo Gallery
People carry an effigy representing inflation devil on a camel-cart during a demonstration...

People carry an effigy representing inflation devil on a camel-cart during a demonstration...

A car wades through a water logged lane at Jayadev Bihar after heavy monsoon rains in Bhubaneswar...

A car wades through a water logged lane at Jayadev Bihar after heavy monsoon rains in Bhubaneswar...

A sadhu at a base camp for Amarnath Yatra ahead of their registration in Jammu...

A sadhu at a base camp for Amarnath Yatra ahead of their registration in Jammu...

The titular head of Wodeyar dynasty Yaduveer Krishnadatta Chamaraja Wodeyar and Trishika Kumari...

The titular head of Wodeyar dynasty Yaduveer Krishnadatta Chamaraja Wodeyar and Trishika Kumari...

A white tiger takes bath in a pond during a hot summer day at its enclosure in Kolkata Zoo...

A white tiger takes bath in a pond during a hot summer day at its enclosure in Kolkata Zoo...

An artiste gives finishing touches to an idol of Goddess Durga for upcoming Durga Puja...

An artiste gives finishing touches to an idol of Goddess Durga for upcoming Durga Puja...

Collapsed tents at BJP Awadh Kshetriya Booth Sammelan following the storm, in Barabanki...

Collapsed tents at BJP Awadh Kshetriya Booth Sammelan following the storm, in Barabanki...

Women Kabaddi players who will take part in the Women's Kabaddi Challenge, at a press conference...

Women Kabaddi players who will take part in the Women's Kabaddi Challenge, at a press conference...

People enjoy the rainy weather on a beach along the Arabian Sea in Mumbai...

People enjoy the rainy weather on a beach along the Arabian Sea in Mumbai...

The underconstruction Bogibeel Bridge over the mighty Brahmaputra River in Dibrugarh district....

The underconstruction Bogibeel Bridge over the mighty Brahmaputra River in Dibrugarh district....

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523