Facing flak from the exchanges for not informing them of stake sale talks, Kingfisher Airlines, on Friday, said the matter was not disclosed to the bourses first as the carrier did not consider it as a ‘price-sensitive information’.
The National Stock Exchange and the Bombay Stock Exchange, on Thursday, had sent letters seeking clarifications from Kingfisher regarding reports about stake sale.
“The company is in talks with foreign carriers as well as domestic investors to sell a stake, pertains to a statement of a very general nature, which in our view can hardly be classified as price-sensitive information, given that these are self-evidently at preliminary stages,” Kingfisher informed the National Stock Exchange.
Responding to the letter from the BSE, Kingfisher said it was unable to find in the report anything of a price-sensitive nature or information not already in the public domain, attributed to having emanated from the company.
“In any case, it is our humble submission that the company has obligations to the stock exchange regarding dissemination by the company of price-sensitive information and not in the case of information of a general nature in the ordinary course of business, or in respect of information that is already in the public domain,” it said.