The promoter holding in Vijay Mallya-led UB group's Kingfisher Airlines has slipped below the psychological level of 50% for the first time in about four years.
While over 90% of promoters' total shares in the troubled air carrier are pledged with the lenders, their total holding has now dropped to 47.3 per cent, from 50.2% at the end of last quarter ended March 31, 2012.
After taking into account the shares pledged by the promoters, their total holding of non-encumbered shares account for a mere 4.7% stake in Kingfisher Airlines, as per the latest shareholding data filed with the BSE.
While the promoters continue to hold the same number of shares (about 29 crore), their holding has come down in percentage terms due to increase in Kingfisher's total number of shares, which in turn, has happened because of conversion of certain convertible bonds into equity last week.