LKP offloads Kingfisher shares in a hurry

LKP Merchant Financing on Thursday sold 78.51 lakh shares of debt-laden Kingfisher Airlines for Rs 9.57 crore in an open market transaction ten days after buying convertible debentures in the sinking airline.

According to bulk deal data available on the stock exchanges, LKP Merchant Financing offloaded 78,51,264 equities of Kingfisher Airlines for Rs 12.20 apiece. However, buyers of the shares could not be ascertained.

Reuters

As of 23 June, 2012, LKP Finance held 133,296,791 or 16.48 percent stake in Kingfisher Airlines. This comes ten days after the non-banking finance company bought optionally convertible debentures of the company for Rs 160 crore in Kingfisher. It accounted for 8 percent of the company's equity once the debentures got converted.

The investment was made at a conversion price of Rs 21-23, a whopping 62 percent premium to the current market price at the time of the purchase last month.


Updated Date: Dec 20, 2014 10:00 AM

Also Watch

Watch: Firstpost test rides the new Thunderbird 500X in Goa and walks you through the Royal Enfield Garage Cafe
  • Tuesday, April 17, 2018 Varun Dhawan on Shoojit Sircar's October, 5-star reviews and working with Anushka Sharma in Sui Dhaaga
  • Saturday, April 14, 2018 Ambedkar Jayanti: Re-visiting Babasaheb's ideals exposes fake Dalit politics of Rahul Gandhi and Congress
  • Monday, April 9, 2018 48 hours with Huawei P20 Pro: Triple camera offering is set to redefine smartphone imaging
  • Monday, April 16, 2018 Rajyavardhan Singh Rathore interview: Sports can't be anyone's fiefdom, we need an ecosystem to nurture raw talent