Kingfisher up on report UB Holdings may sell property

Last Updated: Wed, Nov 21, 2012 05:35 hrs

Shares in Kingfisher Airlines rise 1.5 percent after The Economic Times newspaper reported Blackstone has made an offer to buy prime office and retail real estate property from investment holding company UB Holdings, citing two people familiar with the developments.

A spokeswoman for Blackstone declined to comment on the report calling it "a pure speculation story." A UB Group spokesman also declined comment.

Nonetheless, dealers say the media report about a potential deal is raising hopes Indian billionaire Vijay Mallya, who controls Kingfisher and UB Holdings, could use any money raised to inject into the debt-laden carrier.

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