ICICI Bank acquires 5.68% in Kingfisher
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Debt-laden Kingfisher Airlines said on Thursday private lender ICICI Bank has acquired 28.26 million shares, or 5.68% stake, in the carrier on the conversion of compulsorily convertible preference shares.Livemint.com said on 31 March, the airline had issued 116.3 million shares, or 23.4% equity, to a consortium of 13 banks led by State Bank of India , to restructure part of its debt.Kingfisher also allotted shares to founder entities United Breweries (Holdings) and Kingfisher Finvest India.The report said the carrier has restructured its debt by converting almost INR1200 crore of loans into equity and its current debt stands at about INR 6000 crore, Ravi Nedungadi, chief financial officer of UB Group, which controls Kingfisher, had told Reuters earlier this week.
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