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Showing posts with the label Kingfisher Airlines Ltd.'s lenders plan to soon start a process to sell 5 billion rupees ($93 million) worth of shares deposited by parent UB Group as collateral against Loans.

Kingfisher Airlines Ltd.'s lenders plan to soon start a process to sell 5 billion rupees ($93 million) worth of shares deposited by parent UB Group as collateral against Loans.

Kingfisher Airlines Ltd.'s (532747.BY) lenders plan to soon start a process to sell 5 billion rupees ($93 million) worth of shares deposited by parent UB Group as collateral against loans. In the first of several planned moves likely to cause severe financial strain across the UB conglomerate, the lenders will sell shares in group companies Mangalore Chemicals and Fertilizers Ltd. (530011.BY) and United Spirits Ltd. (532432.BY), said a senior State Bank of India (500112.BY) executive. "Kingfisher had told us to wait as there was some money coming from the Diageo deal. That hasn't happened," Shyamal Acharya, deputy managing director at SBI, told The Wall Street Journal. He was referring to a United Spirits plan to sell a 53.4% stake to British liquor company Diageo PLC (DGE.LN) for up to $2 billion. Part of the proceeds were expected to come to Kingfisher, but the deal hasn't come through yet. Mr. Acharya separately said on television that a consortium o