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ICICI Bank Ltd Deplanes, Sells INR450 Crore (INR4.5 Billion) Kingfisher Airlines Loans To SREI Infrastructure Finance Ltd's Fund; May Sell About 4% Shares Of United Spirits Ltd -The Economic Times
The Economic Times reported that ICICI Bank Ltd has exited Kingfisher Airlines Ltd by selling the last of its nearly INR600-crore (INR6 billion) loans to a fund run by SREI Infrastructure Finance Ltd, ending speculation that it may have to incur losses on loans to the troubled aviation company. The lender sold INR430 crore (INR4.3 billion) worth of loans and also transferred collateral provided by the United Breweries Group, including the personal guarantee of Chairman Vijay Mallya and about 4% shares of United Spirits Ltd that are speculated to be in play. Diageo may be keen to buy a stake in United Spirits.
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