Kingfisher Airlines was locked at upper circuit at Rs 10.53 in opening deals as UB Holdings seek to revamp support to the beleaguered Airlines.
UB Holdings, the primary promoter holding company, swung into action with plans to support the airlines through loans and investments, amounting to a total of up to Rs 1,500 crore.
UB Holdings had earlier got approval to support Kingfisher by lending up to Rs 300 crore and investing up to Rs 1,200 crore to the airline, which has been grounded for months and its licence suspended. UB Holdings is now seeking to rework this support by stating it intends to lend up to Rs 750 crore and invest up to an equal sum in Kingfisher.
The stock opened at Rs 10.38 and quickly moved higher by 5%. Over 4.6 lakhs shares were traded on the Bombay Stock Exchange.
