New Delhi: Kingfisher Airlines woes are continuing. It is already been cash-strapped and operations are affected big way. Situations worsened with employees being delayed salary for 4 months. Reputation went on stake with regular cancellation of flights.  

Now, the promoter holding in the troubled air carrier Kingfisher Airlines has dropped to 47.28 percent -- slipping below the psychological level of 50 percent for the first time in about four years.
The promoter holding in the airline stood at 47.28 percent as on April 11, 2012, down from 50.20 percent at the end of last quarter ended March 31, 2012, as per its latest
shareholding data filed with the stock exchanges today.
However, the promoters' holding has not declined because of any sale of shares by them in the airline, which is part of Vijay Mallya-led UB Group.
While the promoters continue to hold the same number of shares (about 29 crore), their holding has come down in percentage terms due to increase in Kingfisher's total number of shares, which in turn, has happened because of conversion of certain convertible bonds into equity.
As a result, the percentage holding of some non-promoter investors has also come down, which were not issued fresh shares in lieu of convertible bonds held by them.
The investors whose percentage holding has come down since March 31, 2012 include SBI (from 4.89 percent to 4.61 percent) ICICI Bank (from 2.9 percent to 2.73 percent), IDBI Bank (from 3.02 percent to 2.84 percent), Bank of Baroda (from 1.51 percent to 1.42 percent) and Uco Bank (from 1.21 percent to 1.14 percent).
After accounting for the convertible securities held by it, SBI's stake in the airline stands at 5.01 percent, while another lender ICICI Bank has nearly halved its stake since the beginning of 2012.
These banks were issued shares earlier in the airline, after a debt recast exercise that involved conversion of a part of debt into equity for its various lenders.
Burdened under a huge debt pile, Kingfisher has been flying through turbulent times for many months now and has seen a significant erosion of more than two-third in its market value in the past one year.
Its share price dipped nearly two percent on Friday to close at Rs 15.15, after hitting an all-time low of Rs 13 two days before on April 25.
The enties whose stake has risen since March 31 include Star Investments (from 2.22 percent to 4.94 percent).
The company had disclosed earlier on April 24 a part-conversion of certain convertible debentures into equity shares, pursuant to which its total equity base had risen from 61.32 crore to about 67.54 crore.
Accordingly, the promoters' total holding of about 29 crore shares now account for about 47.28 percent stake, down from 50.2 percent as on March 31, 2012.
The promoters' overall stake in the airline last stood below 50 percent level about four years ago on June 30, 2008.

Analysts say that a holding below 50 percent level as such does not trigger any risks for the promoters of a listed company, as there are many entities with very low promoter stakes, as the non-promoter shareholders are generally widely dispersed.
A high or low promoter holding has, at the most, has some pychological values attached to it, they added.
Any acquisition threat arises only after some other entity gets a higher stake than the promoters, and that too of at least 25 percent as per the takeover regulations.
As per its latest shareholding pattern, the institutional investors together hold 18.49 per cent (including 17.57 percent by domestic and 0.92 percent by foreign institutions), various corporate bodies have 14.15 percent and non-institutional investors (including retail investors and HNIs) have 34.23 percent stake in Kingfisher Airlines.
The airline has 29 institutional investors (which include 11 FIIs and two insurance companies), more than 1,700 corporate bodies and about 1.4 lakh individuals, among others.
It has got six promoter entities, including Vijay Mallya, UB Holdings Ltd, Kingfisher Finvest India and UB Overseas Ltd, whose collective stake now stands at 47.28 percent.
However, 90.11 percent of the total promoter holding in the airline is pledged with various entities.
The promoters held 49.73 percent stake in the carrier as on June 30, 2008, but their holding crossed 50 percent level soon thereafter and stood at over 66 per cent for quite a few quarters till June-September 2010 quarter.
While Kingfisher Airlines was originally an unlisted entity, it got listed in the stock market after it acquired Deccan Aviation, a listed firm, and merged the same into it.
Prior to its acquisition, Deccan Aviation had seen promoter holding of as low as 16 percent, but it rose beyond 50 percent soon after completion of the takeover process.