Kingfisher gets 5-bln-rupee loan from SBI

Kingfisher Airlines Ltd had sought a 10-billion rupee loan from State Bank of India and has been sanctioned half that amount, a junior finance minister said on Friday.

Kingfisher Airlines Ltd had sought a 10-billion rupee loan from State Bank of India and has been sanctioned half that amount, a junior finance minister said on Friday.

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The bank has sanctioned the loan on specific terms and conditions, Namo Narain Meena told Parliament in a written reply, but did not provide details.

Cash strapped Kingfisher Airlines has posted a net loss of 2.4 billion rupees in April-June and has appointed bankers to help it raise up to 5 billion rupees.

At 2:06 pm, shares in Kingfisher were down 3.23 percent at 46.50 rupees in a Mumbai market, which was down 2.2 percent.