Ravi Nedungadi News
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India’s Kingfisher Airlines Ltd. escaped collapse in 2010 by restructuring 77.2 billion rupees ($1.4 billion) of debt it had run up buying airlines and adding routes amid the nation’s economic boom.
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Kingfisher Airlines Ltd., the Indian carrier that’s cut flights and sought government help, plans to raise 10 billion rupees in loans, said Ravi Nedungadi, chief financial officer of parent UB Group.
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Vijay Mallya, the billionaire chairman of Kingfisher Airlines Ltd., dismissed speculation the carrier may collapse as it cuts flights, seeks new loans and asks for government assistance. Shares surged.
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The majority shareholders of Kingfisher Airlines Ltd. pledged 55.5 percent of India’s second- biggest carrier, according to a stock exchange filing.
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Even billionaires can’t figure out how to make money in Indian aviation.
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Billionaire Vijay Mallya spent three decades building a fortune promising Indians a taste of his lavish lifestyle. Now investors are counting the cost.
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India’s two-year bond yields are rising at a slower pace than longer-term notes in the country, Asia’s worst performing debt market, as the prospect of slower inflation increases the scope for interest-rate cuts.
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Shares of the following companies had unusual moves in Indian trading. Stock symbols are in parentheses and prices are as of 10:09 a.m. local time.
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Kingfisher Airlines Ltd., the Indian carrier that’s cut flights and sought government help, rose in Mumbai after the Economic Times said the carrier has a plan to cut its 65 billion rupee ($1.3 billion) of debt by more than half.
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Kingfisher Airlines Ltd. , India’s second-biggest domestic carrier, said it got preliminary approval from lenders for a debt restructuring plan to cut interest costs and benefit from rising demand for air travel.
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