money by way of ordinary voting stock and it has asked Mendocino to advise it on modalities for equity infusion after a board discussion.
Back home, the UB Group is facing difficulties at its aviation venture Kingfisher Airlines for quite some time. The carrier has been grounded since October 2012, primarily due to mounting debt and rising losses, as also non-payment of wages.
The lender consortium has been asking promoters to infuse their own funds into Kingfisher, but no headway has been made despite numerous rounds of negotiations and banks have begun a process of recovering their loans worth nearly Rs 8,000 crore.
Kingfisher's accumulated losses have ballooned to over Rs 16,000 crore and it is yet to make a single full-year profit since starting operations in 2005.