Debt-laden Kingfisher Airlines said on Thursday private lender ICICI Bank has acquired 28.26 million shares, or 5.68 percent stake, in the carrier on the conversion of compulsorily convertible preference shares.
On March 31, the airline had issued 116.3 million shares, or 23.4 percent equity, to a consortium of 13 banks led by State Bank of India , to restructure part of its debt.
Kingfisher also allotted shares to founder entities United Breweries (Holdings) and Kingfisher Finvest India.
The airline has restructured its debt by converting almost 12 billion rupees of loans into equity and its current debt stands at about 60 billion rupees, Ravi Nedungadi, chief financial officer of UB Group, which controls Kingfisher, had told Reuters earlier this week.
On Wednesday, it said State Bank of India picked up 5.68 percent in it for 1.8 billion rupees.
At 12.33 p.m., Kingfisher shares were down 1.14 percent at 47.5 rupees in a choppy Mumbai market.
Source: Reuters