E-Malt.com News article: India: United Breweries Holdings releases a pledge on 2.83% stake in United Breweries

United Breweries Holdings (UBHL), the parent company of Vijay Mallya's UB Group, has released a pledge on 7.5 million shares (2.83% stake) of beer major United Breweries (UBL), the company said in a communication to the stock exchanges on June 9.

UBHL also released a pledge on 46,000 shares of United Spirits (USL).

Both the events took place on May 30, the company said in a filing to Bombay Stock Exchange (BSE). The encumbrance for these shares had been made in favour of IFCI, an Indian government owned development bank.

Incidentally, USL's co-promoter, UK-based liquor major Diageo, is offering to buy 26% from public shareholders in an open offer worth around R11,500 crore.

Late last month, UBHL released pledges on 1.9 million shares of USL, which had been made in favour of Sicom, a financial institution owned by the Maharashtra government.

During the same period, UBHL also released pledges on nine million shares (7.59% stake) of Mangalore Chemicals and Fertilizers (MCF) which is currently in the midst of a battle for control. Mallya has teamed up with the Saroj Poddar-led Adventz Group to counter the Pune-headquartered Deepak Fertilisers' open offer to acquire majority stake in MCF.

UBHL holds 15.05% stake in MCF, of which more than three-fourths was encumbered prior to the release of nine million shares.


11 June, 2014