Kingfisher hikes stake in Deccan to 46 %

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Bangalore, Oct 31 (UNI) UB Group's Kingfisher Airlines owned by Liquor Baron Vijay Mallya today increased its stake to 46 per cent in the country's low cost airliner Deccan (earlier Deccan Airways) by purchasing an additional 20 per cent shares in the open offer.

Talking to newsmen on the sidelines of inauguration of Airbus Engineering Centre and Training (India) in which Airbus CEO Thomas Enders participated, Mr Mallya said today with the additional purchase of shares, three members from the UB Group -- himself, Mr Ravi Nedungadi and Mr Hitesh Patel-- would join the Deccan's board.

Mr Mallya said the additional 20 per cent was purchased at Rs 155 a share, same as those made at the time of initial stake acquisition in the airliner.

Deccan CMD G R Gopinath said the board, which met here earlier in the day, approved the appointment of three directors from the UB Group, three from the erstwhile Deccan Aviation and six independent directors.

Earlier, three directors of Deccan Aviation resigned and now these vacancies had been filled, he said while refusing to divulge the names of those who quit.

UNI

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