Open offer for Deccan Aviation takes off
The open offer to shareholders of Deccan Aviation by Kingfisher Radio has kicked off on Wednesday. Vijay Mallya-owned company is looking to pick up an additional 20% stake in the Bangalore-based aviation company.
By TNN |
BANGALORE: The open offer to shareholders of Deccan Aviation by Kingfisher Radio has kicked off on Wednesday. Vijay Mallya-owned company is looking to pick up an additional 20% stake in the Bangalore-based aviation company. The offer is scheduled to conclude on October 1. Kingfisher Radio had picked up 26% stake in Deccan Aviation at Rs 155 per share totalling Rs 550 crore. This 26% stake had triggered the open offer.
The Deccan Aviation scrip on Wednesday opened at Rs 143.9 on BSE, touched an intra-day high of Rs 144.5 and a low of Rs 143. It closed at Rs 143.35 against Rs 142.45 (Tuesday’s close), indicating a modest gain of 0.63% even though the benchmark Sensex closed the day lower at 15,505.4 points, down 37.41 points or 0.24%.
Meanwhile, Air Deccan will be hived off from its parent company Deccan Aviation, which operates charter planes. Both Air Deccan and Deccan Aviation will hence become separate entities.
“We have already begun a study on how to separate the two firms and make them independent entities,” said Captain Gopinath, executive chairman of Deccan Aviation, on the sidelines of a press conference. However, he declined to indicate a timeline for the demerger.
Deccan Aviation is also in the process of forging a technical joint venture with France-based SEC International. Both companies will jointly bid for aerial mapping projects for geophysical surveys, power line maintenance and mining in India. Deccan Aviation also plans to expand its fleet of 11 helicopters.
The Deccan Aviation scrip on Wednesday opened at Rs 143.9 on BSE, touched an intra-day high of Rs 144.5 and a low of Rs 143. It closed at Rs 143.35 against Rs 142.45 (Tuesday’s close), indicating a modest gain of 0.63% even though the benchmark Sensex closed the day lower at 15,505.4 points, down 37.41 points or 0.24%.
Meanwhile, Air Deccan will be hived off from its parent company Deccan Aviation, which operates charter planes. Both Air Deccan and Deccan Aviation will hence become separate entities.
“We have already begun a study on how to separate the two firms and make them independent entities,” said Captain Gopinath, executive chairman of Deccan Aviation, on the sidelines of a press conference. However, he declined to indicate a timeline for the demerger.
Deccan Aviation is also in the process of forging a technical joint venture with France-based SEC International. Both companies will jointly bid for aerial mapping projects for geophysical surveys, power line maintenance and mining in India. Deccan Aviation also plans to expand its fleet of 11 helicopters.
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