ICICI asks Kingfisher to top up loan security | india | Hindustan Times
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ICICI asks Kingfisher to top up loan security

india Updated: Mar 27, 2012 11:04 IST

Reuters
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The ICICI Bank has asked embattled Kingfisher Airlines to top up its loan security or adjust the loan amount after the ailing carrier's stock took a severe beating in recent weeks, the airline said.

"There is absolutely no recall of the entire loan facility nor any notice for sale of securities," Kingfisher said in a statement.

ICICI Bank has lent about 4.3 billion rupees ($83.77 million) to Kingfisher.

Kingfisher, which has debts of $1.3 billion, is scrambling to raise funds after banks refused to lend more for its day-to-day operations.