'No IPO of Kingfisher Airlines in near term'
UB Group chief Vijay Mallya today ruled out an initial public offer of Kingfisher Airlines in the near future.
By PTI |
MUMBAI: UB Group chief Vijay Mallya today ruled out an initial public offer of Kingfisher Airlines in the near future, saying it would tap the market only when it felt its valuations were substantially higher.
"No IPO at this stage... the coming together of Kingfisher and Air Deccan would only add to share value and the UB group is keen to give value to its shareholders," Mallya told reporters here.
Air Deccan is already listed on the bourses. Asked if he was looking at any more acquisitions, he said if any opportunity came his way, he would look at it, but "I cannot say how and when it would come."
To a question as to how he proposed to fund the acquisition of Rs 550 crore, Mallya said the UB group had assets worth Rs 5,500 crore and a debt of Rs 800-crore and hence, "there should not be any difficulty in funding".
"If you had asked me last week whether I was acquiring Air Deccan, the answer would have been no but everything moved fast in the last couple of days," he said.
Air Deccan chief Capt Gopinath said though the two airlines were exploring various possibilities, the decision to join hands was taken on May 30 after the two agreed on the model that Air Deccan's separate identity would be maintained.
In fact, Air Deccan was close to striking a deal with one of the two or three other investors who had evinced interest when this development took place, he added.
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