CIAL shareholders oppose share transfer to HUDCO

Kochi, Apr 8: The Cochin International Airport Ltd (CIAL) shareholders association president Mathew Paul today said the CIAL, country's first joint sector airport, should not give its shares to Housing and Urban Development Corporation (HUDCO) against the loan taken from the institution.

Mr Paul said the value of the Rs ten shares had increased to Rs 200 now, in a statement here.

HUDCO had proposed the CIAL to transfer its shares instead of the loan taken at the time of the project inception.

''If the management gives shares to HUDCO, the shareholders will lose their benefits,'' he said.

At a meeting recently, the director board of CIAL had decided to hold talks with HUDCO. But the shareholders association rejected the decision to hold talks with HUDCO.

UNI