A consortium of banks, led by the State Bank of India (SBI), has recovered up to Rs 1,000 crore from beleaguered Kingfisher Airlines and further are in the process of recovering the remaining dues of about Rs 6,000 crore.
As many as 17 consortiums of banks, led by SBI, have exposure of over Rs 7,000 crore in advances to the beleaguered carrier. The consortium has shares of listed entities like United Spirits as collaterals, which should realize an amount of Rs 500 crore. Besides, lenders have the brand Kingfisher as a security. Additionally, the consortium has a residual right over the securities held by SREI Infrastructure Finance, which comes to Rs 500 crore.
Among the consortium, SBI has the maximum exposure, over Rs 1,600 crore in the grounded airline, which is followed by PNB with Rs 800 crore, IDBI at Rs 800 crore, Bank of India at Rs 650 crore and Bank of Baroda at Rs 550 crore.