Mumbai: SBICap Trustee Company, an SBI group entity, today offloaded more than 85 lakh shares of cash-starved Kingfisher Airlines in a transaction worth nearly Rs 7 crore.
Recently, lenders of Vijay Mallya-led group’s Kingfisher Airlines have begun selling other group firm shares pledged with them to recover their loans amid huge accumulated losses and soaring debt levels of the airline that is grounded since October 2012.
The shares were pledged as security for loans taken by Kingfisher Airlines.
As per data available with the stock exchanges, SBICap Trustee Company sold 85.17 lakh shares of the ailing carrier for Rs 6.70 crore in open market transactions today.
The shares were sold by SBICap at an average price of Rs 7.87.
A significant portion of the promoter shares in all UB group companies, including Kingfisher, are pledged with various lenders.
11/04/13 PTI/Business Line
