Kingfisher increases its stake in Deccan to 46 per cent

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

Talking to newsmen on the sidelines of inauguration of Airbus Engineering Centre and Training (India) in which Airbus CEO Thomas Enders participated, he said that with this additional purchase of shares three members from UB Group would join the Deccan Board. The new Directors would be Mr Vijay Malya, Mr Ravi Nedungadi and Mr Hitesh Patel.

Mr Mallya said that the additional 20 per cent shares were purchased at the same rate of shares purchased earlier at Rs 155 per share.

Deccan CMD Capt G R Gopinath, who was also present, said that the Board which met here earlier in the day approved Three Directors from the UB Group, Three from the erstwhile Deccan Aviation and Six independent Directors. Earlier, three Directors of Deccan Aviation had resigned and now that has been filled. However, he refused to give name of the Directors who had resigned.

UNI

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