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Lenders to infuse Rs 1k cr into KFA: Sources
Banks are likely to infuse around Rs 1000 crore equity in Kingfisher Airlines, say CNBC-TV18 sources. Banks have also agreed to give a working capital loan of Rs 400 crore to the loss-laden airline.
Banks are likely to infuse around Rs 1000 crore equity in Kingfisher Airlines , say CNBC-TV18 sources. Banks have also agreed to give a working capital loan of Rs 400 crore to the loss-laden airline.
Sources in the know say that the airline's lenders will take a final call on the new debt restructuring package, a little later.
After much deliberation on the technical and the financial viability reports prepared by SBI Cap, it is understood that lenders have taken this decision. The carrier which posted losses of Rs 444 in the December quarter requires an additional working capital of around Rs 2,300 crore to keep afloat. But it is learnt that lenders will insist on additional equity infusion by the promoters of Kingfisher before they take a final call.
In the last quarter, some banks including SBI had classified Kingfisher as non-performing asset (NPA). In fact, SBI had also part sold its stake in Kingfisher. United Breweries (Holding), its subsidiaries Kingfisher Finvest India, United Overseas and Vijay Mallya held 58.61% of the airline. A consortium of 13 lenders owned another 23.27% of Kingfisher shares following a debt recast this year
