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Two lenders to Vijay Mallya’s UB Holdings have invoked their pledge of shares in United Spirits, according to a regulatory filing from the company on Tuesday. The move reduces UB Holdings’ stake in United Spirits to 6.63 per cent as of January 7, 2014.
On December 20, a division bench of the Karnataka High Court ruled Diageo’s stake purchase in USL void. Mallya would hold a meeting on Tuesday with Board members in Goa and the matter is likely to be on the agenda.
The meeting is also expected to finalise a bidder for Whyte and Mackay, to allay competition concerns raised by the UK Office of Fair Trade to provide regulatory approval for the deal between the London-based distiller and India’s United Spirits. A UB Group spokesperson did not comment on matter but said the required disclosures would be made if and when necessary.
Creditors have been hounding Mallya for loans of over Rs 6,000 crore to his grounded carrier Kingfisher Airlines and Rs 600 crore to UB Holdings and have been invoking their pledge of United Spirits shares used as collateral for the debt, besides attempting to coerce him to pay through lawsuits in various Indian Courts. Of the 6.98 per cent Mallya held in the company, 6.82 per cent was encumbered at the end of September, 30, 2013.
The regulatory filing on Tuesday shows LKP Finance Ltd invoked a pledge of 0.10 per cent shares in United Spirits worth about Rs 39 crores, while Motilal Oswal Financial Services Ltd invoked a pledge on shares worth about Rs 43 crore. Share of United Spirits closed at Rs 2711.50 apiece, down 0.46 per cent, Tuesday on the Bombay Stock Exchange.
