Kingfisher in talks with investors on GDR issue

The carrier had planned a GDR issue in December last year to reduce its debt but failed to do so as stock prices began slumping

Singapore: With jet fuel prices starting to move downwards, Kingfisher Airlines has resumed talks with investors for issuing global depository receipts (GDR) to raise around $300 million, reports PTI quoting its owner Vijay Mallya.

"We had to postpone the GDR issue as the fuel prices were going sky high. When we had planned this out, it was on the basis of the fuel prices remaining at around $90 per barrel. But the prices shot up to $120. So clearly, it had to be postponed. Now with the fuel prices coming down, the investors are engaged with us," he said.

The carrier had planned a GDR issue in December last year to reduce its debt but failed to do so as stock prices began slumping.

The company has appointed Citi, JP Morgan and CLSA as its merchant bankers.

Mr Mallya, who is here to attend the annual general meeting of the International Air Transport Association (IATA), also announced that his carrier would join the 'Oneworld' alliance of airlines in February next year.

Confirming this, 'Oneworld' CEO Bruce Ashby told PTI, Kingfisher and Europe's 5th largest airline 'Airberlin' have already signed agreements to become members-elect to join the alliance early 2012.

Malaysian Airlines today joined as a full-fledged member of the alliance.

Mr Mallya said he would "continue to press the government to review its aviation foreign direct investment (FDI) policy" to allow foreign airlines to pick up stake in Indian carriers.

"The prime minister is constantly encouraging FDI into India in all sectors. There is 100% FDI in airports. I don't see any reason in excluding foreign airlines from investing in Indian carriers. A general investor will be less attracted to invest in the aviation sector given its volatility," he said.

He wanted the government also to reduce taxes on aviation turbine fuel, especially the sales tax imposed on it by state governments.

"Several chief ministers want me to fly to their states, to new cities. But my pleading has been to reduce sales tax on ATF," he said.

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SC asks Centre to explain eviction of Baba Ramdev, anti-corruption protestors

The apex court asks Union home secretary, Delhi administration to explain in two weeks the circumstances under which people were dispersed at midnight

New Delhi: Taking suo motu cognisance of the forceful eviction of yoga guru Baba Ramdev and his followers from Ramlila grounds in the national capital, the Supreme Court today sought the Centre's response on the incident.

A vacation bench of Judges BS Chauhan and Swatenter Kumar issued notices to the Union home secretary, the chief secretary of Delhi, the Delhi administration, and the Delhi Police Commissioner asking them to respond within two weeks. The court asked them to reply as to what were the circumstances under which the people had to be dispersed at midnight by the use of force, PTI reports.

However, the court declined to entertain a petition filed by advocate Ajay Aggarwal on the issue. The bench expressed its displeasure that before the matter came up for hearing before it, the entire contents of the petition were leaked to the media.

The police cracked down on Baba Ramdev's supporters at Ramlila Maidan on Saturday night, evicting them and disrupting their hunger protest against corruption and to demand that illegal funds stashed abroad be brought back.

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COMMENTS

Yash

6 years ago

SC did well to ask the Govt for explanation but 2 weeks is a long period for submission. By that time, the news hungry channels and the aam aadmi would have forgotten. Only Rajanbala's family wd remember the atrocious behaviour of the police, their lies that people in Ramlila maidan were armed with lathis & what not. Jethmalani has said rightly that only 'thugs' can call others a thug. Shame on the govt. PM reads out what he is given on paper. Sad it is.

Manoj

6 years ago

With all due respect to SC, explanation should have been demanded within a couple of days if not hours. Explanation is not something that has to be digged out from somewhere. The reason for taking action is the explanation and reason precede action.

a v krishna

6 years ago

1.Who is the owner of India. Some corrupt politicians like Sonia Gandhi, Manmohan Singh or opposition ( also) etc. or the public of India?
2. Why Congress is afraid of? The possible answer is all the leaders are corrupt. They will be exposed if accounts are open.
3. We smell essence of fasicsm in the Congress action in Delhi.

REPLY

kalpesh

In Reply to a v krishna 6 years ago

Dear Mr. Krishna , now govt suceceed to over view of that now BABA is in focust govt tried to change the point of view from Black money to answer against BABA's annshan and asked for 15 days time to answer it , couse they knows that indian people is fool they will forget the main focust of blackmoney after 15 days they will agree it was been fastest action to stop that annshann and it was been misstake that's all and all chapter will be closed

kalpesh

6 years ago

India national administration says : if delayed in justice is eqvelent to in justice this thing our supreme court of india should have to understand

kalpesh

6 years ago

Suprem court asked asnwer with in 15 days could not understand why if government are take the action to stop baba's annshan with in 2 hours why they need time 15 days to answer for this action , if they take action in 2 hours they must have to answer with in 2 hourse even SC should have to force them to answer immideatly if they found any worng against goverment officers' and related political leaders they must have to take necessary action immideatly

Bidyadhar

6 years ago

In the interview with media Police said that they got the input that there was threat to the life of Baba Ramdev. They should disclose the details from whom they received such input. Who was behind of Baba Ramdev's life at what interest. If so was it the way to save his life or Police itself was behind of his life.

Is it time for you to sell gold?

In the first quarter of this year, George Soros has dumped around $800 million of the yellow metal. Should you follow suit?

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