Why is it that nobody is ever questioning the raison detre of SBIs and other PSU banks sweetheart deal with Kingfisher Airlines in 2011? This deal helped convert Rs.1,400 crore of Kingfishers debt into equity at a price of Rs.64.48 a share, a premium of a hefty 35% to the prevailing stock price. Kingfisher was grounded by India’s aviation regulator in late 2012 and owes SBI Rs.1,600 crore. Mallya was a Rajya Sabha MP at the time (and still is). -- LIVEMINT
Posted on: Wed, 17 Dec 2014 08:27:45 +0000