Kingfisher Airlines up on stake news

Shares of Vijay Mallya controlled Kingfisher Airlines was up on reports of private equity companies picking up stake in the company. According to news reports private equity companies like TPG, Cerberus Capital and Blackstone have shown interest in the company.

Kingfisher Airlines was trading up at Rs 23.45 or 1.74% on the Bombay Stock Exchange at 10.30 am.

Kingfisher Airlines has been cash strapped and had grounded several flights over the last few months. The company is also reported to have delayed salaries to its employees and also on tax payments.

If the equity deal goes through it would be a welcome move for Kingfisher Airlines, which has over the years been impacted by high aviation turbine fuel and high taxes.

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