PSU banks bear brunt for reviving Kingfisher

Eleven public sector banks , which were alloted shares by Kingfisher Airlines as part of debt recast package , have seen erosion of about 165 crore in the value of the 17.5% equity held by them in the debt-ridden carrier.

These banks, including State Bank of India , Punjab National Bank , Bank of India and IDBI Bank , were alloted 8.8% Kingfisher shares on March 31, at 64.48 a piece as per the Sebi formula.

The market price of the share had declined to 40.95 even before the actual allotment took place.

Source: EconomicTimes