SBI, ICICI bank pick up 11% in Kingfisher | business | Hindustan Times
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SBI, ICICI bank pick up 11% in Kingfisher

State Bank of India and ICICI Bank have together picked up close to 11% stake in debt-trapped Kingfisher Airlines as part of debt recast process.

business Updated: Apr 06, 2011 22:51 IST

State Bank of India and ICICI Bank have together picked up close to 11% stake in Vijay Mallya-led Kingfisher Airlines as part of a debt recast process.

SBI was alloted 2.8 crore equity shares on preferential basis on account of conversion of compulsorily convertible preference shares under corporate debt restructuring, the bank informed the BSE. By virtue of the allotment of shares, SBI’s stake in the airline stood at 5.7% and the value of the holding was R182.3 crore, the bank said.

At the same time, ICICI Bank was also allotted 2.6 crore shares against the loan it had given to the airline. With the allotment the bank’s equity holding in the airline stood at 5.3% and was valued at R170.0 crore.

In aggregate, the holding of both banks in the airline was about 11.0% and the allotment of shares was done on March 31.