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
image
Related opportunities
  • Casual dine Restaurants
    About Us: Company is into F&B Business with concepts such as..
    Locations looking for expansion Karnataka
    Establishment year 2011
    Franchising Launch Date 2018
    Investment size Rs. 20lac - 30lac
    Space required 500
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Bangalore Karnataka
  • Activity Centres, Day Care & Creches
    About Us: First  Five provides quality early education for young children..
    Locations looking for expansion Maharashtra
    Establishment year 2007
    Franchising Launch Date 2015
    Investment size Rs. 20lac - 30lac
    Space required 1500
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater pune Maharashtra
  • Plumbing, Sanitary Ware and Bathroom Fittings
    About Us: JAAZ Corporation Pvt. Ltd. is one of leading..
    Locations looking for expansion Gujarat
    Establishment year 2009
    Franchising Launch Date 2018
    Investment size Rs. 5lac - 10lac
    Space required 300
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Vadodara Gujarat
  • Competitive Exam Coaching Institute
    Career Power - The best opportunity you have to become..
    Locations looking for expansion New Delhi
    Establishment year 2010
    Franchising Launch Date 2014
    Investment size Rs. 10lac - 20lac
    Space required 1500
    Franchise Outlets 50-100
    Franchise Type Unit
    Headquater Delhi New Delhi
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