Saturday, February 13, 2016

SBI Cap All Set to Auction Kingfisher HQ

Bengaluru: SBICAP Trustee Co Ltd, a subsidiary of investment bank SBI Capital Markets Ltd (SBI Cap), has initiated the process to sell Kingfisher House, the headquarters of grounded airline Kingfisher Airlines Ltd, as part of its efforts to recover loans from its promoter Vijay Mallya.

SBI Cap, a unit of public sector lender State Bank of India (SBI), on Friday published a public notice for auctioning the Kingfisher House near Mumbai’s domestic airport through an e-auction under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (Sarfaesi), 2002, to recover its dues.

SBI has the maximum exposure to Kingfisher in the consortium at Rs 1,600 crore. The overall exposure of lenders is Rs 6,360 crore, which has risen to over Rs 6,963 crore, adding unapplied interest.
13/02/16 New Indian Express
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