Kingfisher Finvest India, owned by Vijay Mallya, has sold 16 million shares in grounded Kingfisher Airlines.

The sale is the second in a fortnight by the company, bringing down its holding in the airline to 0.29 per cent from 7.21 per cent at the end of September.

Mallya and his UB Group companies, including Kingfisher Finvest, held a 32.12

per cent stake in the airlines as of September.

A regulatory filing on Tuesday said shares were sold in an off-market transaction on November 6, without disclosing the buyer.

The Kingfisher Airlines scrip closed at Rs 5.54 on the BSE exchange on Tuesday, up one per cent from its previous close.