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LKP Merchant Financing offloads Kingfisher’s 65 lakh shares for Rs 6.85 crore

12 Jul 2012 Evaluate

LKP Merchant Financing has offloaded 65 lakh shares of debt-laden Kingfisher Airlines for Rs 10.54 apiece or Rs 6.85 crore in total in an open market transaction.

Last week, LKP Merchant Financing sold 78.51 lakh shares of Kingfisher Airlines for Rs 9.57 crore. As of June 23, 2012, LKP Finance held 13,32,96,791 shares, or 16.48% stake of Kingfisher Airlines.

Recently, the promoter holding in Kingfisher Airlines slipped to a record low of 35.86 percent - the lowest since the carrier became a public listed company after acquiring Deccan Airways. Moreover, after excluding the shares they have pledged, the promoters hold a meager 3.55 percent in the crisis-ridden airline.

Earlier in April this year, private sector lender ICICI Bank lowered its stake in the troubled air carrier 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.

Peers
Company Name CMP
Interglobe Aviation 4638.75
SpiceJet 13.88
Raymond 422.05
Global Vectra Helico 203.85
Taneja Aerospace 281.55
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