Pie in the Sky

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Veritas report on Kingfisher Airlines

Transcript of Pie in the Sky

September 12, 2011

UB HOLDINGS LTD. & KINGFISHER AIRLINES LTD.NSE - UB Previous Close: INR 117.40 NSE - KAIR Previous Close: INR 26.10

A Pie In The Sky

India Research

Neeraj Monga nmonga@veritascorp.com Varun Raj vraj@veritascorp.comVeritas Investment Research Corporation owns the copyright in this report. This report may not be reproduced in whole or in part without Veritas express prior written consent. Any such breach of this copyright is contrary to ss. 27(1), 34, 35 and 42 of the Copyright Act, R.S.C. 1985, c. C-42 and will be liable for damages.

UB Holdings Limited & Kingfisher airlines limited

1

A PIE IN THE SKYUB Holdings Limited (UB or the Company), the parent of Kingfisher Airlines Limited (KAIR or Kingfisher), is teetering on the verge of bankruptcy, and incidentally, so is KAIR. However, a stock price of approximately Rs. 25 (