Vijay Mallya's Kingfisher Finvest further reduces Kingfisher Airlines shareholding

fe Bureau Posted online: Tuesday, Nov 19, 2013 at 0000 hrs
Bangalore : Vijay Mallya’s investment arm, Kingfisher Finvest India, has further reduced its shareholding in the debt-ridden Kingfisher Airlines through an off-market transaction of 16 million shares, according to a filing with the stock exchanges.

The investment arm, which held a 7.21% stake, had sold 40 million shares, or 4.94% stake, last month in an off-market transaction with UB International Trading for R23 crore.

While the filing did not specify the acquirer in this latest transaction, it said that Kingfisher Finvest’s total stake in the airline is now 0.29%, or 2.32 million shares. The transaction on November 6 was worth R9.10 crore, it said.

UB International Trading is an entity within the UB Group that exports products including beverage alcohol, processed foods and leather footwear. In the quarter ending September, the promoter stake in Kingfisher Airlines was 32.12% out of which the group’s holding company United Breweries Holdings (UBHL) held 21.36% and Kingfisher Finvest held 7.21%. The remaining shareholding was held by Vijay Mallya and UB Overseas.