Rediff News
All News

NewsApp (Free)

Read news as it happens
Download NewsApp  » Business » Kingfisher Airlines IPO in 2006

Kingfisher Airlines IPO in 2006

xTo get such articles in your inbox
November 29, 2005 15:28 IST

UB Group Chief Vijay Mallya on Tuesday said the Group would raise a total of $400 million over the next one year, which includes an IPO for its aviation business, Kingfisher Airlines.

"The IPO Kingfisher Airlines will be coming next year and we intend to raise 200 million dollars through this," Mallya said on the sidelines of the World Economic Forum.

On the spirit business he said the company would be raising 200 million dollars, which would be used for reduction of debt raised for purchasing Shaw Wallace and Company, as well as for funding the merged spirits entity 'United Spirits'.

"We expect to complete this by March 2006 and have a variety of options in front of us including going in for private equity placement or FCCBs," Mallya said.

On the company's bid for Air Sahara, he said they had submitted their valuation, "which is less than the $750-1,000 million estimated valuation done by Ernst & Young."

Regarding Air Sahara he said Kingfisher Airlines was open to a variety of options including a complete buyout, a stake in the company or going in for an alliance.

© Copyright 2013 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.