Respite for Kingfisher Airlines as LKP Finance to buy 8% equity stake

Mumbai: LKP Finance, a Mumbai-based non-banking financial services company, has acquired optionally convertible debentures of Kingfisher Airlines from an investment company owned by Vijay Mallya, giving the debt-laden airline some respite as it battles to raise cash and pay down its debt.
The NBFC bought debentures worth Rs 160 crore which will translate into an equity stake of up to 8% in Kingfisher Airlines upon conversion. The conversion is likely to happen between Rs 21 and Rs 23 a share in a couple of week's time. "The conversion will be based on the Sebi formula of pricing," said a banker close to the transaction.
26/06/12 Economic Times

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Categories: Kingfisher Jun 2012