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Karnataka
Kingfisher increases stake in Deccan
Staff Reporter
BANGALORE:Kingfisher Airlines, a part of the UB Group owned by liquor baron Vijay Mallya, on Wednesday increased its stake to 46 per cent in the low-cost airliner Deccan (known as Deccan Aviation earlier) by acquiring an additional 20 per cent shares in the open offer.
Disclosing this to presspersons on the sidelines of the launch of the Airbus Engineering Centre and Training (India) here, Mr. Mallya said with the additional purchase of shares, three members from the UB Group — Ravi Nedungadi, Hitesh Patel and himself — would join Deccan’s board. The board of Deccan at its meeting here on Wednesday approved the open offer of the UB group.
According to Mr. Mallya, the additional 20 per cent was purchased at Rs. 155 a share, same as those made at the time of initial stake acquisition in the airliner.
In the words of Deccan Executive Chairman G.R. Gopinath, the board also approved the appointment of three directors from the UB Group, three from the erstwhile Deccan Aviation and six independent directors. Three directors of Deccan Aviation had resigned and these vacancies had been filled, said Capt. Gopinath.
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