New Delhi, July
2:
The promoter
holding in the Vijay Mallya-led UB Group’s Kingfisher Airlines has dipped to a
low of 35.86 per cent — the lowest since the carrier became a public listed
company after acquiring Deccan Airways.
After excluding
the shares they have pledged, the promoters hold a meagre 3.55 per cent in the
crisis-ridden airline.
According to
the latest shareholding disclosure by the company, the promoters hold 35.86 per
cent, down from about 43 per cent in April and over 50 per cent at the close of
the last fiscal ended March 31, 2012.
However, the
latest decline in their stake is not because of sale of shares but because of
increase in the total number of the company’s shares, following the conversion
into equity of warrants issued to an entity, LKP Finance Ltd, which now holds
over 16 per cent stake.
While the
promoters continue to hold the same number of shares (about 29 crore), the
total number of the company’s shares has increased to about 81 crore, from
about 67 crore prior to the latest shares allotment to LKP Finance and from 58
crore as on March 31, 2012.
Meanwhile, the
holding of individual shareholders has increased significantly since the
beginning of the current fiscal. Small retail investors now hold 12.6 per cent,
while HNIs hold 8.55 per cent stake — up from 9.56 per cent and 4.21 per cent
respectively at the end of last fiscal.
The current promoter
holding is the lowest since Kingfisher became a public-listed company after
acquisition of Captain Gopinath founded Deccan Airways in 2007-08.
The promoters
have pledged more than 90 per cent of their own holding in the airline.
Burdened by a
huge debt pile, Kingfisher has been flying through turbulent times for many
months now and its market value has seen a significant erosion of more than
two-third in the past one year.
Its shares hit
an all-time low of Rs 10.05 early last month and are currently trading near Rs
12 levels. About a year ago, the stock was trading over the Rs 40 level.
The promoters
currently hold shares worth about Rs 350 crore in Kingfisher, but the value of
their non-pledged shares is worth just about Rs 30 crore.
The total
market value of Kingfisher currently stands at about Rs 960 crore.
According to
the latest shareholding pattern as on June 23, 2012, the public shareholders
have 64.14 per cent — which includes 0.99 per cent by FIIs, 3.31 per cent by
domestic institutional investors, 49.84 per cent by non-institutional investors
and 27 per cent by corporate bodies.
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