The meeting between bankers and management of ailing Kingfisher Airlines on Friday is being considered crucial as it will determine the future course of action by lenders. Friday will really be a challenging day for Vijay Mallya (airline promoter and its chairman) and bankers to really come to a platform, whether we can sail through the crisis together, Central Bank of India chairman and managing director MV Tanksale said on Thursday. Tanksale, whose bank is one of the lenders to the grounded private carrier, was talking to reporters on the sidelines of an banking technology expo event here. Calling it a day is the easiest job to happen but then to make sure that whether the airline can sail through (is a tough call).., he said. Referring to reports that KFA is planning to have a limited re-launch with seven aircraft by February-end, Tanksale said if there are hopes, the bankers would support that hope.
PNB to raise R1,250 cr via preferential issue
Punjab National Bank (PNB) approved a fund infusion of R1,250 crore through preferential issue of shares to the government. PNB has approved issuance of shares of face value of R10 each for raising up to R1,250 crore on preferential basis in favour of the Centre, PNB said in a filing to the BSE. The proposed preferential allotment will be subject to necessary approvals and the price for issue would be decided by as per market regulator Sebi rules, it said.