UB group raises stake in Deccan Aviation by 3 pct
MUMBAI (Reuters) - India's top spirit maker UB group has increased its stake in low-cost airline firm Deccan Aviation Ltd by almost three percent through market purchases, stock exchange data showed on Wednesday.
UB group firm Kingfisher Radio, that runs Kighfisher Airlines, purchased a total of four million shares (2.95 percent) on Wednesday on BSE and NSE combined at 275 rupees each.
Most of the shares were purchased from Money Matters Advisory and Money Matters (India), BSE and NSE data showed.
With these purchases, Kingfisher Radio and other group companies of UB group have increased their stake to almost 49 percent.
In September, UB group had made an open offer to the shareholders of Deccan Aviation at 155 rupees a share for a 20 pecent stake.
Last week, Deccan Aviation announced it would merge the airline operations of Kighfisher Airlines with it.
Shares in Deccan rose 2.8 percent to 274.85 rupees.
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