Gopinath sells part of stake in Kingfisher

Bangalore: Capt G R Gopinath, one of the largest individual shareholders in Kingfisher Airlines, has sold a portion of his shares in the company. From November 3 to 7, Gopinath sold 19,29,995 shares as per information available on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) websites, mopping up a little over Rs 5 crore in five days.
Again, on November 10 and 11, he sold an additional 3,62,628 shares mopping up about Rs 1 crore.
What's intriguing is that he sold when the share price was trading at a very low level of around Rs 30. The share price is down by 35% from a month ago, when it was trading at Rs 42.60. It had touched a 52-week high of Rs 335 on December 19, 2007.
After the current selling spree, the aviation entrepreneur holds a 4.65% equity stake in the airline, down from his stake of 5.41% as on November 3.
As per information on NSE for the quarter ended September 30, 2008, 3.65% of Gopinath's total equity holdings in Kingfisher Airlines is under lock-in. Despite repeated attempts, Gopinath was not available for a comment. Multiple investment banking sources though have told TOI that Gopinath is looking at raising funds in his personal capacity to kick-start his cargo venture.
20/11/08 Anshul Dhamija & Asha Rai/Times of India

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Categories: Cargo Nov 2008, Deccan Aviation Nov 2008, Kingfisher Nov 2008, Kingfisher Red Nov 2008