ECL Finance invokes shares worth Rs 130 cr of UBL

PTI New Delhi | Updated on January 20, 2018 Published on March 22, 2016

UBL   -  The Hindu

Financial services firm ECL Finance has invoked shares worth over Rs 130 crore in Vijay Mallya-led United Breweries Ltd (UBL) pledged by two different promoter entities.

ECL Finance had invoked 7.05 lakh shares pledged by Kamsco Industries Pvt Ltd, accounting for 0.27 per cent stake, on March 17, United Breweries Ltd (UBL) said in a BSE filing.

“Kamsco Industries Pvt Ltd had pledged certain shares of United Breweries Ltd to ECL Finance Ltd (pledgee) to secure the credit facility availed by PE Data Center Resources Pvt Ltd from the pledgee. The present disclosures pertain to invocation of the pledge by the pledgee on March 17,” UBL added.

Based on the weighted average price (WAP) of Rs 803.98 of United Breweries Ltd on the said day, the invoked shares pledged by Kamsco Industries amounted to Rs 56.63 crore.

Kamsco Industries had 62,28,636 shares of UBL which accounted for 2.36 per cent of the total shareholding of the company.

ECL Finance also invoked 9.30 lakh shares of United Breweries Ltd worth Rs 74.77 crore pledged by McDowell Holdings Ltd on March 17.

McDowell Holdings Ltd had 87,22,344 shares of United Breweries Ltd, which accounted for 3.30 per cent of the total shareholding of the company. It had pledged 79,81,000 shares amounting to 3.02 per cent of UBL’s share capital.

Last week, another Mallya-led firm United Breweries (Holding) Ltd (UBHL) had announced that ECL Finance had invoked 72,250 shares worth around Rs 18.25 crore of United Spirits pledged by it.

The invocation of the shares comes at a time when 17 lenders led by SBI and investigative agencies have stepped up pressure on Mallya for recovery of over Rs 9,000 crore loans given to the grounded Kingfisher Airlines.

United Breweries Ltd shares were trading 3.28 per cent higher at Rs 838.80 apiece on BSE.

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Published on March 22, 2016
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