UB to invest Rs.550 crore in Air Deccan, buy out 26 % stake

Bangalore, May 31 (UNI) The UB Group of liquor Baron Vijay Mallya owning the Kingfisher Airline will invest Rs 550 crore to take a 26 per cent stake in low cost airliner Air Deccan.

The Air Deccan Board, which met here this evening approved a preferential allotment of over 35.22 million shares to the UB Group at Rs 155 per share, Air Deccan Managing Director Capt G R Gopinath told newsmen here.

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