UB scrips buzz on stake sale talk | business | Hindustan Times
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UB scrips buzz on stake sale talk

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.

business Updated: Mar 29, 2012 22:06 IST
HT Correspondent

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.

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