Kingfisher Airlines (KFA) has completed a debt restructuring exercise managed by SBI Capital Markets, which represented the 18 lenders of KFA.
The total debt of KFA as on 10-Sep-2010 stood at Rs.8157 crore. Some of the debt was converted into preferential shares and redeemable shares with the approval of the lenders.
Following the debt recast the average interest rate comes down to 11% from 20% which is expected to save KFA Rs.500 crore annually on interest cost.
KFA's closing price on NSE was 63.80 on 30-Dec-2010.
