A debt fund operated by the Kolkata-based Srei Infrastructure Finance on Monday said it has bought out the entire exposure of ICICI Bank, worth around Rs 430 crore, in the crippled Kingfisher Airlines.
Srei Infra Finance group chief financial officer Sanjeev K Sancheti described the asset as “a good buy as it is a fully secured debt”.
When contacted, an ICICI Bank spokesperson said, “We have recovered the entire debt exposure of Rs 430 crore and currently we do not have any debt exposure to the Kingfisher Airlines.” Te lender still holds around 3% stake in the airline.
Meanwhile, the promoter holding in the airlines has dipped to a low of 35.86% — the lowest since the carrier became a public listed company after acquiring Deccan Airways.
After excluding the shares they have pledged, the promoters hold just 3.55%. The decline is due to the increase in total number of the company’s shares, following the conversion into equity of warrants issued to LKP Finance, which now holds over 16% stake.