Hotline: 1800 102 2007
X
Search Business Opportunities
Dec, 01 2015

McDowell pledged stake in UBL decline by 3.02 per cent

Earlier to this transaction, McDowell\'s holdings encumbered with the lender stood at 3.18 per cent. Yes Bank has invoked the stake \"to secure loans given to group companies.\"

McDowell Holdings', promoter firm pledged stake in United Breweries Ltd (UBL) has come down to 3.02 per cent, after lender Yes Bank invoked the pledge on part of the shares encumbered with it, reported PTI.

Yes Bank sold 4.15 lakh shares or 0.157 per cent stake of UBL, India's largest brewer that makes Kingfisher beer for Rs 39.48 crore through an open market transaction on Friday.

These shares were purchased by Heineken International BV, the maker of Heineken beer which already holds a significant stake in UBL.

Earlier to this transaction, McDowell's holdings encumbered with the lender stood at 3.18 per cent. Yes Bank has invoked the stake "to secure loans given to group companies."

For all promoters put together, including McDowell, over 15 per cent stake is pledged with various financial institutions. Heineken is the largest shareholder of United Breweries with 42.22 per cent stake.

State Bank of India (SBI) earlier had declared Vijay Mallya, Kingfisher Airlines and its holding company United Breweries Holdings, as wilful defaulters for defaults on nearly Rs 7,000-crore loans to the long-grounded carrier.

Meanwhile, the 17 lenders to the airline had said they will e-auction the assets of the grounded airline, in their latest bid to part recover their dues of around Rs 7,000 crore and accrued interest on the principal that has not been serviced since January 2013.

The airline, owned by Mallya, had taken Rs 6,900 crore from a consortium of 17 lenders, led by SBI, in early 2010 after a second debt restructuring for the airline.

Comment
Related opportunities
  • Ice creams & Yogurt Parlors
    About Us: Gelato Italiano is one of the pioneer brands of..
    Locations looking for expansion Maharashtra
    Establishment year 2000
    Franchising Launch Date 2017
    Investment size Rs. 5lac - 10lac
    Space required -NA-
    Franchise Outlets -NA-
    Franchise Type Unit, Multiunit
    Headquater Mumbai City Maharashtra
  • Quick Service Restaurants
    About Pizza BoxPizza box is located in Vile Parle East..
    Locations looking for expansion Maharashtra
    Establishment year 2014
    Franchising Launch Date 2015
    Investment size Rs. 10lac - 20lac
    Space required 200 - 450 Sq.ft
    Franchise Outlets -NA-
    Franchise Type Unit, Multiunit
    Headquater Mumbai City Maharashtra
  • Become ASCENT ABACUS & BRAIN GYM franchisee today to be..
    Locations looking for expansion Haryana
    Establishment year 2003
    Franchising Launch Date 2005
    Investment size Rs. 50 K - 2lac
    Space required 300 sq. ft.
    Franchise Outlets -NA-
    Franchise Type Unit, Multiunit
    Headquater Gurgaon Haryana
  • Quick Service Restaurants
    About Us: Tarbouche, ,meaning the brimless red cap worn by Turkish..
    Locations looking for expansion Karnataka
    Establishment year 2016
    Franchising Launch Date 2018
    Investment size Rs. 10lac - 20lac
    Space required 100
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Bangalore Karnataka
Insta-Subscribe to
The Franchising World
Magazine
For hassle free instant subscription, just give your number and email id and our customer care agent will get in touch with you
OR Click here to Subscribe Online
Daily Updates
Submit your email address to receive the latest updates on news & host of opportunities