Kingfisher's signature trademark to be e-auctioned for Rs 367 crore
Kingfisher’s signature trademarks will be e-auctioned by the SBI on April 30 to recover part of the debt
Kingfisher’s identifiers— its trademarks and taglines — will soon be up for auction for Rs 366.7 crore and above.
The brand value of Kingfisher logo will be sold through SBI’s approved service provider. Pic for representation/AFP
The United Breweries (UB) Group’s nine trademarks including the ‘Fly the good times’ will be part of this e-auction that is scheduled for April 30 between 11.30 am and 12.30 pm. After failing to auction Vijay Mallya’s Kingfisher House, the State Bank of India has now decided to take this step. A notice by SBICAP Trustee Company Limited issued yesterday said this auction is to recover part of Rs 6,963.21 crore debt that is due since January 31, 2014.
The nine trademarks include Flying Models, Fly the Good Times, Funliner, Kingfisher, Flying Bird Device, Fly Kingfisher (World) and others.
The bids will be accepted till 5 pm on April 28 and the reserve price is Rs 366.70 crore, with an Earnest Money Deposit of Rs 36.67 crore. The increasing amount is Rs 5 lakh.
E-auction is being held on ‘as is where is’ basis and the brand value of Kingfisher Logo, will be sold through SBI’s approved service provider under the supervision of an authorized SBI officer.
The e-auction shall be subject to the rules or condition prescribed under the Securitization and Recons-truction of Financial Assets and Enforcement of Security Interest Act 2002.
According to Tilak Maratha, the auctioneer, the one who buys the trademarks will be able to use them. “We are conducting the auction of the logos, and once sold the new owner will be able to use it,” said Maratha.
SBI’s PRO didn’t respond to our messages about the auction. The new e-auction comes hardly two weeks after the same bank failed to sell Kingfisher House, the reserve price of which was Rs 150 crore.