ICICI
Venture Capital has sold off its 3.25% stake in Deccan Aviation which has been picked up by UBS Securities Asia for Rs.320 million. The transaction took place in the open market and was sealed for Rs.94 per share. With this deal, ICICI’s current holding in Deccan has come down to 10-11% from its earlier 19% (acquired in 2005, before Deccan’s IPO). The news was received well by the markets. Its share price rose significantly after the news. Country’s largest low cost airline, Air Deccan has 21.6% market share and was recently awarded the best Low Fare Airline award by Air Passenger Association of India. The airline is on expansion mode and expects to fly 12 million passengers in its next fiscal year, starting June.
For Complete IIPM Article, Click on IIPM Article
Venture Capital has sold off its 3.25% stake in Deccan Aviation which has been picked up by UBS Securities Asia for Rs.320 million. The transaction took place in the open market and was sealed for Rs.94 per share. With this deal, ICICI’s current holding in Deccan has come down to 10-11% from its earlier 19% (acquired in 2005, before Deccan’s IPO). The news was received well by the markets. Its share price rose significantly after the news. Country’s largest low cost airline, Air Deccan has 21.6% market share and was recently awarded the best Low Fare Airline award by Air Passenger Association of India. The airline is on expansion mode and expects to fly 12 million passengers in its next fiscal year, starting June.For Complete IIPM Article, Click on IIPM Article
Source : IIPM Editorial, 2007
An IIPM and Professor Arindam Chaudhuri (Renowned Management Guru and Economist) Initiative
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