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ICICI Bank reduces stake in Kingfisher to 2.9%

26 Apr 2012 Evaluate

Leading private sector lender ICICI Bank has lowered its stake in the troubled air carrier Kingfisher Airlines to 2.9%, from more than 5% at the end of 2011. ICICI Bank now holds about 16.7 million shares, accounting for a 2.9% stake, in the airline as on March 31, 2012. In contrast, ICICI Bank held 26.3 million shares, or 5.3% stake, in Kingfisher as on December 31, 2011.

Currently, the promoters hold little over half of the company (50.2% stake), but more than 90% of their holding is pledged with various lenders. As per a mid-quarter shareholding pattern disclosed by the company on February 8, ICICI Bank's stake in Kingfisher stood at 3.02% at that time.

In addition, ICICI Bank, state-run banking major Punjab National Bank (PNB) is also believed to have lowered its stake in Kingfisher. While PNB held 1.14% stake in Kingfisher at the end of 2011, but its name does not figure among the shareholders owning more than one% equity in the company at the end of January-March 2012 quarter.

Among other shareholders, SBI’s holding stood at 4.89% as on March 31, 2012 -- which is unchanged from the level on February 8, 2012, but down from 5.68% as on December 31, 2011.

The other banks among Kingfisher’s shareholders at the end of March included IDBI Bank (3.02%), Bank of India (1.51%) and UCO Bank (1.21%).

Peers
Company Name CMP
Interglobe Aviation 4288.65
SpiceJet 12.77
Raymond 493.60
Global Vectra Helico 168.10
Taneja Aerospace 307.60
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