Kingfisher gains on United Breweries loan hopes
Reuters Market Eye - Shares in Kingfisher Airlines (KING.NS) gain by its daily limit of 5 percent after controlling stakeholder United Breweries Holdings Ltd (UBHL.NS) raised the amount it can lend to the ailing carrier.
United Breweries said it had raised the limit of loans for Kingfisher to 7.5 billion rupees from 3 billion rupees, according to an exchange filing on Monday.
The statement came after lenders to Kingfisher said on February 12 that they would take initial steps towards recovering $1.4 billion of loans in default after the company failed to come up with a viable funding plan.
UB Group, the parent of both Kingfisher Airlines and United Breweries, has told lenders it would consider using proceeds from a stake sale in a separate group company to Diageo Plc(DGE.L).
(Reporting by Abhishek Vishnoi)
- Tweet this
- Share this
- Digg this
- Pistorius starts five-year term for killing Reeva Steenkamp
- Indiana police charge suspect who may have killed for decades
- UPDATE 11-Total CEO de Margerie killed in Moscow as jet hits snow plough
- India warns Pakistan of more pain in Kashmir fighting
- Govt orders Financial Tech to absorb NSEL, liabilities
As well as making the lives of millions of middle class Indians easier, the sharp drop in Brent crude prices since June is a boon for Prime Minister Narendra Modi in his fight to revive an economy growing at its slowest rate since the 1980s. Full Article