 "Two Kingfisher promoters release 5.64 cr pledged shares")
Mumbai: Grounded carrier Kingfisher Airlines today said promoters United Breweries Holdings and Kingfisher Finvest India have released about 5.64 crore pledged shares.
United Breweries Holdings, which holds a 21.36 percent stake in Kingfisher Airlines, released 4,00,000 pledged shares on 16 September, according to a BSE filing.[caption id=“attachment_1175873” align=“alignleft” width=“380”]  Grounded airlines. Reuters[/caption]
Kingfisher Finvest, which owns 7.21 percent of the airline, released pledged shares in three tranches last month, according to a separate BSE filing. It released a total of 5,60,22,231 shares between on 6 and 16 September.
The airline has been grounded since last October.
Kingfisher Airlines had accumulated losses of over Rs 16,000 crore as of 31 March, while it had a negative net worth of almost Rs 13,000 crore.
Its long-term borrowings stood at about Rs 6,900 crore, while short-term borrowings were Rs 1,750 crore at the end of the last financial year.
PTI
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