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Two Kingfisher promoters release 5.64 crore pledged shares

Last Updated: Wednesday, October 16, 2013 - 19:51

Mumbai: Grounded carrier Kingfisher Airlines on Wednesday said promoters United Breweries Holdings and Kingfisher Finvest India have released about 5.64 crore pledged shares.

United Breweries Holdings, which holds a 21.36 percent stake in Kingfisher Airlines, released 4,00,000 pledged shares on September 16, according to a BSE filing.

Kingfisher Finvest, which owns 7.21 percent of the airline, released pledged shares in three tranches last month, according to a separate BSE filing. It released a total of 5,60,22,231 shares between on September 6 and September 16.

The airline has been grounded since last October.

Kingfisher Airlines had accumulated losses of over Rs 16,000 crore as of March 31, while it had a negative net worth of almost Rs 13,000 crore.

Its long-term borrowings stood at about Rs 6,900 crore, while short-term borrowings were Rs 1,750 crore at the end of the last financial year.

First Published: Wednesday, October 16, 2013 - 19:49
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