Lenders sell shares to Kingfisher Airlines, rake in Rs 100 crore

Banglore: The lenders to Kingfisher Airlines are continuing to extract whatever value they can from the pledged assets from the UB Group. In a latest move, the lenders have sold 400,000 share of United Spirits pledged with them during late last week at a price of around Rs 2,600 per share thus getting around Rs 104 crore. It was not yet sure who had acquired these shares which were offloaded in the open market.
As a result of this and prior moves by the lenders during the last quarter of FY2014, the shareholding of Vijay Mallya along with his companies in United Spirits has fallen to 9.83% from the 10.91% stake by end of December 2013.
Diageo, the global spirits major, which acquired a strategic 25.03% stake during July 2013 has since been active in the open market and by end of March 2014, now has 28.78% stake in the company. Diageo acquired the additional 3.75% stake in the open market. Diageo had earlier intended to acquire close to 53% stake in United Spirits.
The latest move by lenders to Kingfisher Airlines to offload 400,000 shares in United Spirits, comes hardly a few days after, they through SBI Capital Trustee said they are looking for buyers for Kingfisher Airlines and associated brands and trademarks which were pledged with them.
The lenders to Kingfisher Airlines are trying all resources within their reach to get back a part of the Rs 6,300 crore outstanding from the defunct airline, which stopped flying nearly 18 months ago.