ICICI Bank Ltd.

Country's largest private sector lender ICICI Bank has sold its entire debt exposure, estimated to the tune of Rs 430 crore in the beleaguered Kingfisher Airlines to SREI Infrastructure Finance, as per a media report. The cash strapped carrier has been seeking fresh bank funding since last December apart from raising overseas funds.

Kingfisher Airlines has a total outstanding debt of Rs 6,500 crore. Out of which, State run lender State Bank of India alone has a huge exposure of Rs 1,400 crore, followed by PNB which accounts for Rs 700 crore and Bank of Baroda around Rs 500 crore. Further, Lenders to cash-strapped Airlines are likely to meet in Mumbai on July 5 to asses the airline’s financial position.

Recently, the debt-ridden airline defaulted on lease rentals by around Rs 1,000 crore, which coerced the lessors to take back 32 planes from the airline’s fleet between March to June period. Presently, the airline is operating with only 15 planes as another 15 aircrafts are in hanger due to spares requirement.