Millennium Post
Business

KFA promoter sells 4 crore shares to UBIT for Rs 23 crore

Kingfisher Finvest India, the promoter of crisis-hit Kingfisher Airlines, has sold 4 crore shares of the carrier to UB International Trading for Rs 23 crore.

The transaction between Vijay Mallya-owned companies was done through an off-market transaction, according to various disclosures by Kingfisher on the Bombay Stock Exchange (BSE). Prior to the transaction, Kingfisher Finvest held 7.21 per cent stake in Kingfisher Airlines which has been grounded for more than a year now.

Post the transaction, Kingfisher Finvest's holding in the airline came down to 2.27 per cent. The total promoter holding in the carrier stands at 32.12 per cent for the quarter ended September 30, 2013.
Burdened with huge losses and large debts, Kingfisher Airlines stopped flying in October 2012. Its flying licence also lapsed about two months later.
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