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04-28-2012, 10:27 AM #1
Promoter holding in Kingfisher dips below 50%
The promoter holding in the troubled air carrier Kingfisher Airlines has dropped to 47.28 per cent - slipping below the psychological level of 50 per cent for the first time in about four years.
The promoter holding in the airline stood at 47.28 per cent as on April 11, 2012, down from 50.20 per cent at the end of last quarter ended March 31, 2012, as per its latest shareholding data filed with the stock exchanges today.
However, the promoters' holding has not declined because of any sale of shares by them in the airline, which is part of Vijay Mallya-led UB Group.
While the promoters continue to hold the same number of shares (about 29 crore), their holding has come down in percentage terms due to increase in Kingfisher's total number of shares, which in turn, has happened because of conversion of certain convertible bonds into equity.
As a result, the percentage holding of some non-promoter investors has also come down, who were not issued fresh shares in lieu of convertible bonds held by them.
The investors whose percentage holding has come down since March 31, 2012 include SBI (from 4.89 per cent to 4.61 per cent) ICICI Bank (from 2.9 per cent to 2.73 per cent), IDBI Bank (from 3.02 per cent to 2.84 per cent), Bank of Baroda (from 1.51 per cent to 1.42 per cent) and Uco Bank (from 1.21 per cent to 1.14 per cent).
After accounting for the convertible securities held by it, SBI's stake in the airline stands at 5.01 per cent, while another lender ICICI Bank has nearly halved its stake since the beginning of 2012.