UB shares worth 130cr invoked by ECL Finance Ltd

UB shares worth 130cr invoked by ECL Finance Ltd
Highlights

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

New Delhi : Financial services firm ECL Finance Ltd 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% stake, on 17 March, 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 17 March,” UBL added. Based on the weighted average price (WAP) of Rs.803.98 of UBL 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% of the total shareholding of the company. ECL Finance also invoked 9.30 lakh shares of UBL worth Rs.74.77 crore pledged by McDowell Holdings Ltd on 17 March. McDowell Holdings Ltd had 87,22,344 shares of UBL, which accounted for 3.30% of the total shareholding of the company.

It had pledged 79,81,000 shares amounting to 3.02% 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 State Bank of India (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 closed 3.74% higher at Rs.842.60 apiece on the BSE on Tuesday.

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