Gopinath in mood to buy back Air Deccan

GR Gopinath, vice-chairman of Kingfisher Airlines, is planning to buy back Air Deccan as he is reportedly unhappy over the Kingfisher- Jet Airways cost saving pact, reports Economic Times.
As per sources, he might even offer to buy Kingfisher itself at a meeting of the airline board on Wednesday. Some overseas investors are reportedly backing him in this effort.
UB Group chairman Vijay Mallya hold 65% stake in Kingfisher. According to the latest stock exchange filings, Gopinath has 5.58% stake, and may control about 9-10% shareholding along with his associates. When contacted, Gopinath declined to comment on the possibility of a buy back. He, however, confirmed he would meet Mallya and discuss specifics of the proposed alliance with Jet.
Shares of Kingfisher Airlines declined Rs 1.2, or 2.34%, to end at Rs 50.00. The total volume of shares traded was 658,669 at the BSE (Tuesday).
15/10/08 Myiris.com

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Categories: Kingfisher Oct 2008, Kingfisher Red Oct 2008