United Breweries (Holdings), the parent company of the troubled Kingfisher Airlines, has said that it is seeking permission from the shareholders for a plan to increase the limit on the amountof money it can lend to its unit.
The company is planning to more than double the limit on amount it can lend to its unit from Rs. 300 crore to Rs. 750 crore, it said in a filing with the Bombay Stock Exchange (BSE). The company is also aiming to reduce the investment limit to Rs. 750 crore from Rs. 1,200 crore. The move comes after the lenders of the airline warned that they might recall loans.
Prakash Mirpuri, vice-president, corporate communications, UB Group said, "We have received no formal communication from the banks till date. We are in continuing discussions with them on ways to bring down their exposure, inter alia, from the proceeds of the Diageo transaction."
He also said that the banks are backing the company's deal with Diageo and have pledged to work with it on an orderly method of disposal of some of the pledged shares to Diageo. The UB group had said in the previous year that it would sell a majority controlling stake in United Spirits to Diageo Plc.
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