UB Holdings will buy 26% stake in Deccan Aviation. They will also make a subsequent 20% open offer. The company will pay Rs 155 per share for the Deccan Avaiation stake and will pay a total of Rs 550 crore. While Rs 150 crore will be paid now, Rs 400 crore will be paid before June-end.
They Deccan Aviation board has approved of the stake sale and they will make a preferential allotment to UB Holdings. Kingfisher and Deccan Aviation will now hold 32 – 34 % of the market share. Deccan and Kingfisher will, meanwhile, continue as separate identities.
Captain Gopinath will remain the Chairman of Deccan Aviation while Vijay Mallya will be the Vice Chairman. CFO Ramki Sundaram will become the officiating CEO.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment