Shares of United Breweries, United Breweries Holdings and Kingfisher Airlines (KFA) rose at the Bombay Stock Exchange (BSE) on news of stake sales by promoter Vijay Mallya in a bid to generate cash for his debt-laden airlines, KFA.
While shares of UB were up 0.7% at Rs. 549.95, scrips of UB Holdings and KFA also appreciated by 1.0% to Rs. 67.50, and 0.9% to Rs. 16.65, respectively after news that Dutch beer manufacturer Heineken was in talks with UB for enhancing its stake in the Indian liquor manufacturer. Heineken owns 37.4% in UB.
Spokespersons for both UB group and Heineken said their companies would not comment on market speculation Mallya has been under pressure from KFA’s banker-lenders to inject some liquidity of his own before they committed further infusion of capital in the airline, which carries a debt of Rs. 7,000 crore.