Pledged shares of crisis-hit Kingfisher Airlines, amounting to more than 14 per cent stake, have been acquired by SBICAP Trustee Company.
At current market price, these pledge shares about 11.55 crore are worth Rs 43 crore.
The shares, amounting to a 14.29 per cent stake in the airline that remains grounded since October 2012, are valued at about Rs 43 crore.
Promoters hold 30.14 per cent stake in Kingfisher, as per the company's December quarter shareholding pattern.
Burdened under huge losses and large debts, the airline stopped flying in October 2012 and its flying licence also lapsed about two months later.
The company's accumulated losses have ballooned to over Rs 16,000 crore. Kingfisher is yet to make profit since starting operations in 2005.
Besides non-payment of salaries, the Vijay Mallya-owned private carrier is saddled with huge debt and losses. The airline has not serviced its debt of over Rs 7,200 crore to lenders, mainly public sector banks since January 2011.
SBI has the maximum exposure to Kingfisher at Rs 1,800 crore.
Mallya in the Kingfisher Airlines' annual general meeting in Bangalore in September last year had said he was working towards the company's revival and was hopeful of getting an investor to fund the carrier within 90 days or more.
The company currently carries a market value of Rs 298 crore, from a peak valuation of close to Rs 10,000 crore at one point of time. Its shares are currently trading below below Rs 4, from close to Rs 20 late in 2012. It was near Rs 75 per share even few years ago.
Invocation of a pledge is triggered when a borrower is unable to deposit additional margin with the bank.
Shares of Kingfisher ended the day at Rs 3.69, down 1.34 per cent on the BSE.