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Kingfisher Airlines announces revision in FII limits

Kingfisher Airlines has announced that the board of the company has been deliberating various alternatives to improve the financial position of the company in the best interest of all stakeholders. In this connection, it has been advised that a fresh infusion of capital by a financial or strategic, Indian or non-resident investor is a possible alternative. The board appreciates that foreign investment (other than investment from NRI) in the company is regulatorily capped at 49%.

With a view to keeping the company`s capital structure in readiness for transactions that may be identified in the future for the benefit of all stakeholders of the company, the board has, at its meeting held on 12 December 2012, decided and passed a resolution that with immediate effect and in accordance with the Foreign Exchange Management Act 1999 and the Companies Act, 1956, no FII, Qualified Foreign Investor or other non-strategic foreign investment (excluding investment by NRI) shall be permitted in the company beyond its current level of 3% or such other percentage that the board may decide from time to time under intimation to the stock exchanges. This restriction shall be valid till such time as the board may decide from time to time which shall he intimated to the stock exchanges appropriately.

Appropriate steps are being undertaken to intimate the RBI about the same and to seek consequent measures and also to seek any other approvals that may be considered necessary to give full effect to this decision.

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