Deccan to allot over 3.52-cr shares to Kingfisher

03 July 2007

The allotment works out to Rs155 per share, Deccan informed the Bombay Stock Exchange.

Accordingly, the paid up capital of the company has increased to Rs135.47 crore, comprising more than 13.54 crore equity shares of Rs10 each.

Last month, Vijay Mallya-led UB Group had announced acquisition of 26 per cent in Deccan Aviation for Rs546 crore and had later also made an open offer to the shareholders to buy an additional 20 per cent stake for about Rs420 crore.

Kingfisher Radio, a wholly-owned subsidiary of United Breweries Holding, made the offer for acquiring 2.70 crore shares of Deccan Aviation at a price of Rs155 per share.
Also, at an extraordinary general meeting held on June 26, Deccan''s shareholders approved the increase in authorised share capital from Rs125 crore to Rs150 crore.

The present authorised share capital of the company is Rs150 crore. Shares of Deccan Aviation closed at Rs139.60, up 1.42 per cent, on the BSE.