A consortium of 13 lender banks has taken a 23.37 per cent stake in Kingfisher Airlines after the loss-laden airline restructured part of its Rs 7,651 crore debt. After the conversion of loan into equity at a price of Rs 64.48/share, the combined shareholding of Kingfisher’s founders has declined to 58.61 per cent from 66.28 per cent.
Debt recast included issuance of fresh shares to the founders and lenders. United Breweries (Holding), Kingfisher Finvest India, UB Overseas and UB Group chairman Vijay Mallya are founders of the airline.
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