The Air Deccan-Kingfisher alliance got a thumbs up by shareholders at the Deccan EGM today. CNBC-TV18 reports on whether Air Deccan's key investors are keen to sell.

Air Deccan may be struggling to stay afloat, but its investors seem bullish about it. In Kingfisher's open offer, after it acquired 26% in the airline, major shareholders are not keen to turn in their holdings.

The open offer price of Rs 155, which is over Rs 20 more than its closing price on Tuesday, has failed to attract Air Deccan investors. They expect the Kingfisher alliance will turn around the airline.

“These are the original investors. They do not have a lock in. They had a lock in for a year, but it is over and they can sell. But none of them are selling as far as my knowledge goes,” said GR Gopinath, Executive Chairman, Air Deccan.

Except the main promoters, Captain Gopinath, Vishnu Rawal and K J Samuel, all other investors can subscribe to the open offer as their lock-in period has expired.

And Captain Gopinath's remarks have put to rest speculation that SL Ladhani's 11.3 % could be tendered, if Vijay Mallya is unable to rake in 20% through the open offer. Shareholders obviously seem to be banking on Mallya's promise of raising fares and turning the airline around.