SBI asks Kingfisher to raise fresh equity before debt recast

November 14, 2011 12:25

The board of Kingfisher Airlines is meeting right now to discuss the next step ahead for the debt-ridden airlines.

State Bank of India, which has the largest exposure to Kingfisher Airlines, today said it has asked the carrier to raise fresh equity to the tune of Rs 800-1,000 crore if banks are to consider a second restructuring of existing debt or extend fresh advances.

On whether the bank will consider making fresh advances to Kingfisher, SBI Managing Director Hemant Contractor said, "We have to be satisfied about the viability of the company. There is no point restructuring if the company's operations are not going to be viable."

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