UB Holdings raises USD172 million to fund Air Deccan acquisition
14-Aug-2007 |
Airline Code [KFR]
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(CAPA) UB Holdings, parent of Kingfisher Airlines, raised over USD172 million in debt finance from a consortium of banks, led by State Bank of India, to fund the acquisition of a strategic shareholding in Air Deccan. The carrier has no immediate plans to raise funds from private equity sources.
UB Group acquired 26% of Air Deccan in Jun-07 and an open offer for a further 20% has commenced.
UB Holdings also requires the capital to fund Kingfisher’s expansion plans. The carrier recently signed an an MoU at the Paris Air Show for 50 more Airbus aircraft, including 20 A350XWBs (including the conversion of an order for five original A350s to XWBs), five A340-500s (for a total of ten) and 10 A330-200s. Date posted: 14-Aug-07. |
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UB Holdings raises USD172 million to fund Air Deccan acquisition 
