Vijay Mallya's Kingfisher Airlines is expected to make an open offer in the coming week for further 20 per cent stake in Air Deccan in which it had acquired 26 per cent earlier for Rs 550 crore (Rs 5.5 billion).
Sources close to the development told PTI that the open offer was expected to be announced next week. The share price for the open offer would be Rs 155 per share, the amount UB Holdings paid for picking up the 26 per cent stake
As per Securities and Exchange Board of India regulations, UB Holdings was to make an open offer for the balance 20 per cent for buying shares from the public.
Executive chairman of Air Deccan Capt G R Gopinath and his associates control nearly 30 per cent, while the other single largest shareholder is Vijay Mallya with 26 per cent.
The balance shareholdings are with the public and others. Asked whether there would be reconstitution of Air Deccan's board if the open offer was fully subscribed, sources said Gopinath would continue to be the executive chairman while Vijay Mallya would be the vice-chairman.
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