A consortium of 13 lenders has taken a 23.37% stake in Kingfisher Airlines as part of a debt restructuring deal. The consortium includes State Bank of India, ICICI Bank, IDBI Bank, Bank of Baroda and Punjab National Bank. The consortium members took 116 million shares at a conversion rate of Rs 64.48 per share to cover a debt of Rs 750.09 crore. However, on Wednesday the banks could only Rs 557.38 crore, as Kingfisher shares closed the day at Rs 48.05 per share at the Bombay Stock Exchange (BSE). The debt to equity swap was agreed by the banks and

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