As Kannur International Airport is all set to be launched next year, attempts are made by the State Government to give out the shares worth Rs.152.09 each to Lulu Group’s Yusuffali M.A. at Rs.100 per share, causing a loss amounting to Rs.26 crore to the State exchequer. The share value of Kannur airport when calculated in March was Rs.152.09 and the Government has now decided to sell the shares to the businessman at Rs.100. Almost 50 lakh shares will be received by Yusuffali at this rate.
It is informed that the report which was published in connection with the 8th annual meet of Kannur International Airport Ltd (KIAL) had mentioned about this change in value of the shares which will be sold to Yusuffali. Several shareholders had also stated that they did not receive the shares from KIAL when they applied for them.
However, officials at KIAL termed the allegations “baseless”. The officials justify their stand by saying that no other investor showed interest in investing such a huge amount of money as Lulu Group’s Yusuffali did.