Kingfisher issues securities to restructure debt

Mumbai: Private air carrier Kingfisher Airlines has said its board alloted preferential shares to a consortium of lenders, besides promoter group firms United Breweries (Holdings) and Kingfisher Finvest India Ltd, under a scheme to recast its debt.
According to a filing to the Bombay Stock Exchange, the company has allotted a total of 139.81 crore compulsorily redeemable preference shares (CRPS) of Rs. 10 face value -- and a coupon rate of 8 per cent -- to the lenders' consortium and its promoter group firms to cover its outstanding loans.
Out of these, 75.01 crore CRPS will be issued to the lenders' consortium -- comprising SBI, IDBI Bank, Punjab National Bank, Uco Bank, United Bank of India, Bank of India, Bank of Baroda, State Bank of Mysore and Jammu & Kashmir Bank -- while its promoter group firms will pick up 64.8 crore CRPS.
In addition, Kingfisher has issued 55.31 cumulative redeemable preference shares with a coupon rate of 8 per cent to the lenders' consortium, besides another 9.7 crore compulsorily convertible preference shares at a coupon rate of 7.5 per cent. Furthermore, 7.09 crore optionally convertible debentures of Rs. 100 each have been issued to a trio of companies: Star Investments Pvt Ltd, Margosa Consultancy Pvt Ltd and Redect Consultancy Pvt Ltd.
04/01/12 Press Trust of India/NDTV.com

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Categories: Kingfisher Jan 2011