Kingfisher gains on United Breweries loan hopes

Tue Feb 19, 2013 12:22pm IST

An airlines staff member sits in front of a closed Kingfisher Airlines ticketing counter at the airport in Kolkata October 3, 2012. REUTERS/Rupak De Chowdhuri/Files

An airlines staff member sits in front of a closed Kingfisher Airlines ticketing counter at the airport in Kolkata October 3, 2012.

Credit: Reuters/Rupak De Chowdhuri/Files

Related Topics

Stocks

   

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)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Pharma

REUTERS SHOWCASE

Modi's U.S. Trip

Modi's U.S. Trip

PM Modi to get rock star reception in New York.  Full Article 

Northeast Floods

Northeast Floods

Landslides and floods kill 22 in northeast India.  Full Article 

Food Subsidy

Food Subsidy

India has no plans to increase food handouts - Food Minister Ram Vilas Paswan.  Full Article 

Importing Iron Ore

Importing Iron Ore

JSW Steel to import 10 mln T of iron ore due to local shortage.  Full Article 

Mars Mission

Mars Mission

India's Mars mission a step closer to success with engine test  Full Article 

Bumper Sales

Bumper Sales

Apple sells more than 10 mln new iPhones in first three days  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage