 "ECL Finance invokes 9.30 lakh pledged United Breweries shares worth Rs 75 crore")
Edelweiss Financial Services Finance had invoked the shares pledged by McDowell Holdings Ltd on March 17, said United Breweries Ltd (UBL) in a BSE filing.
Based on the weighted average price of Rs 803.98 of UBL on the said day, the invoked shares are worth Rs 74.77 crore.
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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 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.
ECL Finance has also invoked 7.05 lakh shares worth about Rs 56.63 crore of UBL pledged by UBL-promoter group firm Kamsco Industries Pvt Ltd.
In a BSE filing today, UBL said ECL Finance had invoked 7.05 lakh shares, accounting for 0.27% stake, on March 17.