Open offer for Deccan Aviation takes off

Bangalore: The open offer to shareholders of Deccan Aviation by Kingfisher Radio has kicked off on Wednesday. Vijay Mallya-owned company is looking to pick up an additional 20% stake in the Bangalore-based aviation company. The offer is scheduled to conclude on October 1. Kingfisher Radio had picked up 26% stake in Deccan Aviation at Rs 155 per share totalling Rs 550 crore. This 26% stake had triggered the open offer.
The Deccan Aviation scrip on Wednesday opened at Rs 143.9 on BSE, touched an intra-day high of Rs 144.5 and a low of Rs 143. It closed at Rs 143.35 against Rs 142.45 (Tuesday’s close), indicating a modest gain of 0.63% even though the benchmark Sensex closed the day lower at 15,505.4 points, down 37.41 points or 0.24%.
Meanwhile, Air Deccan will be hived off from its parent company Deccan Aviation, which operates charter planes. Both Air Deccan and Deccan Aviation will hence become separate entities.
13/09/07 Economic Times

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Categories: Air Deccan Sep 2007, Kingfisher Sep 2007