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HindustanTimes Sat,19 Apr 2014

Bourses' lens on Kingfisher

Agencies  Mumbai, September 27, 2012
First Published: 22:07 IST(27/9/2012) | Last Updated: 01:25 IST(28/9/2012)

India's largest stock exchanges, NSE and BSE, have sought clarifications from Kingfisher Airlines on reports that it is in talks for a stake sale.

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In separate notices, the two bourses said on Thursday that they are awaiting the company's response.

The troubled airline's shares were hammered for the better part of last year but  have surged over the past six weeks.

The National Stock Exchange (NSE) said it has written to Kingfisher seeking information on its plan to seek foreign direct investment (FDI).

Meanwhile, Bombay Stock Exchange (BSE) also halved its circuit limits on shares of Kingfisher Airlines and group firm United Breweries Holdings Ltd, capping their maximum movement in a day at 5% and 10% respectively, effective Friday.

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Kingfisher's chairman Vijay Mallya had told shareholders on Wednesday that he is in talks with foreign carriers for investments - which he has been saying over the past year without any concrete developments. He made no fresh disclosure to the exchanges.

"The exchange, in order to verify the accuracy or otherwise of the information reported in the media and to inform the market place so that the interest of the investors is safeguarded, has written to the company," the NSE said.

Kingfisher shares have gained close to 150% after hitting a life-time low of Rs. 7.05 on August 13. Its bankers met here on Thursday to review a turnaround plan Mallya had been asked to personally present.

Mallya's United Spirits is also said to be in talks with Diageo for a stake sale.

With inputs from Reuters/PTI

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