The Hindu Business Line : Mallya confident about Deccan open offer

Mumbai, Aug 22 Dr Vijay Mallya, Chairman, UB Group, said the company has enough funds for making an open offer for 20 per cent of equity share capital of Deccan Aviation. The Group has already acquired 26 per cent stake in Deccan Aviation.

Speaking to newspersons on the sidelines of a press conference on Tuesday, Dr Mallya said, “We have enough money in the bank. SEBI, as a regulator has asked questions and it is our job to respond to them, which we have. It’s an ongoing dialogue, they may have more questions, I don’t know, but it’ll (open offer) happen.”

Earlier, news report quoting UB Group officials had stated that though SEBI had not raised any queries about the open offer, it was yet to clear its application. SEBI in response to this report had said that the regulator had been in touch with the company; and that the acquirer (UB Holdings), had not furnished details of firm financial arrangements, which had to be made for fulfilling the open offer obligations.

UB group that runs Kingfisher Airlines picked up 26 per cent stake in Deccan Aviation Ltd, owners of low cost carrier Air Deccan earlier this year, a deal worth Rs 550 crore at Rs 155 per share. As per SEBI guideline, the company was supposed to make an open offer for additional 20 per cent shares from Deccan’s existing shareholders.

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