Air Deccan open offer next week, says Kingfisher Airlines
01 Sep 2007
1
Kingfisher Airlines expects to announce its open offer for Deccan Aviation Ltd next week, after it received approval from the authorities, chairman Vijay Mallya has said. "Everything is in place," he told reporters late on 30 August.
Kingfisher Airlines, majority-owned by UB Holdings, bought a 26 per cent stake in budget carrier Air Deccan in May for Rs5.5 billion, and must make an open offer to buy a further 20 per cent, as required by law.
The
offer has been delayed, after capital market regulator SEBI raised queries about
its funding. Mallya has said funds are in place to cover the offer.
