Unit Trust of India Investment Advisory Services has acquired the 3.97 per cent voting rights on pledged shares of Vijay Mallya following the default.
This reduces Mallya’s voting rights to less than a per cent (0.6 per cent), according to a filing with the BSE.
“Unit Trust of India Investment Advisory Services in their capacity as the security trustee in relation to term loans secured by a pledge over 1.04 crore shares of the company, have acquired voting rights in relation to the pledged shares upon notification of occurrence of an event of default,” the filing said.
The filing, however, said that only the voting rights have been acquired. “The equity shares themselves have not yet been acquired as the pledge has not yet been invoked and these shares remain pledged to the acquirer,” it said. UB’s shares closed at ₹909.05, 1.17 per cent higher than the previous day’s closing price.