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Vijay Mallyas investment arm, Kingfisher Finvest India, has further reduced its shareholding in the debt-ridden Kingfisher Airlines through an off-market transaction of 16 million shares, according to a filing with the stock exchanges.
The investment arm, which held a 7.21% stake, had sold 40 million shares, or 4.94% stake, last month in an off-market transaction with UB International Trading for R23 crore.
While the filing did not specify the acquirer in this latest transaction, it said that Kingfisher Finvests total stake in the airline is now 0.29%, or 2.32 million shares. The transaction on November 6 was worth R9.10 crore, it said.
UB International Trading is an entity within the UB Group that exports products including beverage alcohol, processed foods and leather footwear. In the quarter ending September, the promoter stake in Kingfisher Airlines was 32.12% out of which the groups holding company United Breweries Holdings (UBHL) held 21.36% and Kingfisher Finvest held 7.21%. The remaining shareholding was held by Vijay Mallya and UB Overseas.