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Lenders appoint HDFC to value Kingfisher properties

Lenders to Kingfisher Airlines have appointed HDFC Securities to do a valuation of two pledged properties of the crippled carrier as part of their plan to partially recover Rs 7,500 crore loan.

twitter-logoPTI | July 13, 2012 | Updated 15:25 IST

Lenders to Kingfisher Airlines have appointed HDFC Securities to do a valuation of two pledged properties of the crippled carrier as part of their plan to partially recover Rs 7,500 crore loan.

"We have asked HDFC Securities to do a valuation of the two properties-- the Kingfisher House in Mumbai and a villa in Goa-- which are already pledged with the lenders. We have asked them to revert in 15 days," a senior banker, who was present in a meeting with the airline management on Thursday morning, said.

FULL COVERAGE:How Kingfisher landed itself in this mess

These properties are likely to fetch Rs 120 crore-- Rs 90 for the Mumbai property and Rs 30 crore for the Goan villa-- going by the current market value, said some bankers.

The Bangalore-based carrier owes banks Rs 7,500 crore in arrears and additional interest since January when it stopped servicing these loans.

As the meeting, attended by most of the 17 lenders and airline's chief executive Sanjay Aggarwal, was inconclusive, the lenders also decided to meet again over the next 2-3 weeks, the banker added.

The meeting was held at the headquarters of the State Bank of India which is the leader of consortium of 17 lenders.

The airline, however, denied any talk of recovery proceedings by lenders, saying it had already proposed sale of the idle Kingfisher House and a villa in Goa to bankers a few months ago.

"The Kingfisher House has been lying vacant after the staff moved to our new offices at The Qube in Mumbai, and at that time itself, on our own accord, we approached the banks with a proposal to liquidate this unutilised asset and at today's meeting we raised the issue of this pending approval," the airline spokesperson said in a statement.

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