The move also comes against the backdrop of the embattled Mallya facing a case of loan default worth Rs 9,400 crore.
Vijay Mallya, the embattled chairman of the UB Group, is not likely to be immediately named a wilful defaulter by the United Bank of India.
United Spirits Ltd (USL), flagship spirits company of the UB Group, has finally decided on foreign currency convertible bonds (FCCBs) to raise as much as $225 million (Rs 1,190 crore). The plan is to raise up to $175 million, plus an over-allotment option of $50 million.
The banks have asked the court to demand his return and to impound his passport.
After some initial take off turbulence, Gopinath is now actively steering the air cargo business steadily with equity infusion from Reliance Industries.
Force India has been re-named Sahara Force India after the Sahara Group bought stake in the Vijay Mallya-owned Formula One team. As per the agreement between the parties, Sahara Group and Mallya's UB Group will have 42.5 percent stake each in the team.
Vijay Mallya who inherited the UB Group from his father as a young 28-year-old, said he has got "nothing to prove".
Mallya intends to protect his shareholding in India's largest brewer in which Dutch brewer Heineken holds 37.5% stake.
Force India's co-owner Vijay Mallya has rubbished speculation that he is planning to sell his stake in the Formula One team to Sahara India.
Till now in Kingfisher, the number was not fixed and depended on the number of hours flown.
According to the The Times, the move is a part of a drive to cut UB Group's $4 billion (2.5 billion pounds) debt.
The company's board approved the airline's plan to raise the amount through issuance of equity shares or preference shares or through global depository receipts.
United Spirits had a tough time in recent past due to management related issues. Going ahead, corporate governance is a big challenge, say experts.
Bollywood actor Salman Khan launched the Kingfisher Calendar 2011 in Mumbai over the weekend. Here's a look at the stars in attendance!
In a disclosure to the markets, United Spirits has said it is awaiting information from UB Holdings for determining the treatment in the company's accounts of the loan together with applicable interest accrued until March 31, 2014.
Kingfisher said the price was arrived in accordance with the pricing guidelines prescribed under the Securities and Exchange Board of India, which is the average of the past six months' price, 30 days prior to the relevant conversion date.
The UB Group-controlled Kingfisher Airlines may cancel its orders for Airbus A380s and A350s or swap these planes for smaller planes like A320s and A330s.
Sebi issued final observations, necessary for the offer and the deal as a whole to go through, on May 21.
The UB Group-owned Kingfisher Airlines said on Wednesday the government had granted it traffic rights to operate on seven new international routes.
Despite rosy projections the fact remains that wine in India is not seen as an approachable beverage.
Fugitive businessman Vijay Mallya was booed by a section of India supporters as he entered the Oval arena to watch India's crucial ICC Champions Trophy encounter against South Africa, in London.
India's second largest private carrier Kingfisher Airlines plans to more than double its fleet strength by adding 67 more aircraft by 2016, according to an investors' presentation made by the company.
Private carrier Kingfisher Airlines plans to raise up to $175 million (about Rs 840 crore) before March next year through rights issue and global depository receipts (GDR).
The move comes when Kingfisher remains the only listed airline in India to have made losses in the third quarter of the current financial year.
Some of India's largest groups, including the Tata family controlled companies, the Ambani family controlled Reliance and Vijay Mallya's UB Group, have pledged large stakes in their listed companies as collateral to lenders, new disclosure requirements reveal
Liquor-baron Vijay Mallya today virtually asked the Gujarat government to lift prohibition in force in the state.
California-based Mendocino Brewing Company, which sells a number of beer brands including Kingfisher in the US, has got Mallya as its chairman and is owned by UB Group through a complex shareholding structure
United Spirits Ltd, owned by Vijay Mallya-controlled UB Group, is set to become the world's second-largest spirits firm by volumes, dislodging Paris-headquartered Pernod Ricard.
In a chat with Shivani Shinde, Cognizant vice-chairman Lakshmi Narayanan explained the rationale behind the current acquisition and the way ahead.
Mallya, once known as the "King of Good Times" for his flamboyant lifestyle, has until Friday to appear before an IDBI committee to explain why he should not be declared a "wilful defaulter".
Several companies have hit on the idea of offering college freshers pre-job training to make them more employable.
Liquor baron Vijay Mallya said on Wednesday that his UB Group will overtake Diageo as the world's largest spirits maker by the next fiscal. "This (fiscal) we will be selling 102 million cases of nine litres each. Next year we will be the single largest spirits company in the world," Vijay Mallya said.
Low-cost carrier Simplify Deccan will be rebranded Kingfisher Red, a separate brand identity from Vijay Mallya-promoted full-service carrier Kingfisher Airlines.
Ranibai Rajaram Chhabria, mother of late Manohar Rajaram Chhabria, has challenged the merger of Shaw Wallace with the UB Group saying she was entitled to a fifth of her deceased son's estate.
Prospective bidders had earlier termed the reserve price as too high, while multiple legal woes of Mallya-led UB Group are also being cited by many as reasons for lack of interest in buying this property
Things appear to be going from bad to worse for Vijay Mallya, once known as 'King of Good Times', with the board of a company he nurtured into India's largest liquor maker asking him to quit.
Mallya is the first Indian ever to become the owner of a Formula One Team. The Netherlands-based Mol Family and Mallya have formed a consortium that is now the joint owner of Force India Formula One, which is also India's first-ever Formula One Team and represents India's first, truly global sports foray.
Kingfisher Airlines is looking to roll over close to Rs 800 crore of its short-term debt, even as it finalises the paperwork to borrow another Rs 1,500 crore from a few Indian public sector banks.
Kolkata-based United Bank of India, which had earlier declared Kingfisher Airlines and its four directors, including Mallya as wilful defaulters, on Tuesday identified UBHL, the guarantor of the grounded Kingfisher Airlines, also a wilful defaulter.
Vijay Mallya has ensured that his brands do not fall out of Indian Premier League (IPL) viewership, though his team Royal Challengers Bangalore bowed out of the tournament. After RC's series of defeats, the UB Group chairman decided to cash in on his smaller investments in rival teams such as Rajasthan Royals, Delhi Daredevils, Chennai Superkings and Mumbai Indians.
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