Press Esc to close
Monday 26 June 2017
News updated at 3:15 PM IST

SBI group firm sells over 85 lakh shares in Kingfisher

Mumbai, Apr 11, 2013 (PTI): 19:02 IST
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
Prime Minister Narendra Modi being welcomed, on his arrival at Joint Base Andrews, Washington...

Prime Minister Narendra Modi being welcomed, on his arrival at Joint Base Andrews, Washington...

Senior CRPF and police officers carrying the coffin of SI/GD Sahab Shukla after wreath laying...

Senior CRPF and police officers carrying the coffin of SI/GD Sahab Shukla after wreath laying...

Senior BJP MLA Ghanshyam Tiwari stages 'satyagraha' against Rajasthan Chief Minister Vasundhara...

Senior BJP MLA Ghanshyam Tiwari stages 'satyagraha' against Rajasthan Chief Minister Vasundhara...

Hindu devotees pull the 'Rath' or the chariot of Lord Jagannath, during the annual Rath Yatra, or...

Hindu devotees pull the 'Rath' or the chariot of Lord Jagannath, during the annual Rath Yatra, or...

Acclaimed Odissi dancer Dona Ganguly's troupe performs during 46th ISKCON Rath Yatra of Lord...

Acclaimed Odissi dancer Dona Ganguly's troupe performs during 46th ISKCON Rath Yatra of Lord...

Switzerland's Roger Federer celebrates his victory in the final match against Germany's Alexander...

Switzerland's Roger Federer celebrates his victory in the final match against Germany's Alexander...

French Air Force Patrouille de France air demonstration teams take part in flying display during...

French Air Force Patrouille de France air demonstration teams take part in flying display during...

Penitents and costaleros of the Nuestro Padre Jesus Nazareno brotherhood carry a float bearing...

Penitents and costaleros of the Nuestro Padre Jesus Nazareno brotherhood carry a float bearing...

Over 10,000 Chinese yoga enthusiasts in Wuxi, a city near Shanghai in eastern China, took part in...

Over 10,000 Chinese yoga enthusiasts in Wuxi, a city near Shanghai in eastern China, took part in...

A student band dressed as Star Wars storm troopers hold their instruments during the walk...

A student band dressed as Star Wars storm troopers hold their instruments during the walk...

Like us on Facebook

Copyright 2017, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523
Powered by Yodasoft Technologies Pvt. Ltd.