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India's Kingfisher Airlines sees stock rise as UB Group doubles loan cap

AFP
February 21, 2013, 12:52 am TWN

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MUMBAI -- Shares in India's debt-laden Kingfisher Airlines rose 5 percent Tuesday after its parent firm United Breweries said it would raise the sum it can lend to the carrier, which is desperate for cash.

Kingfisher, controlled by Indian liquor baron Vijay Mallya, rose 5 percent — the maximum daily limit — to trade at 10.53 rupees.

The rise came a day after the UB Group said it would more than double its cap on loans for Kingfisher to 7.5 billion rupees (US$136 million) from 3 billion rupees earlier — a step that needs shareholder approval.

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