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HDFC Ltd invokes United Spirits Limited shares worth Rs 47 crore

HDFC Ltd has sold a part of the United Spirits shares pledged with it by Vijay Mallya. HDFC Ltd sold 1.5 lakh shares for a total value of nearly Rs 47 crore.

, ET Bureau|
Updated: Dec 01, 2015, 08.30 PM IST
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HDFC Ltd has sold a part of the United Spirits shares pledged with it by Vijay Mallya. HDFC Ltd sold 1.5 lakh shares for a total value of nearly Rs 47 crore.
HDFC Ltd has sold a part of the United Spirits shares pledged with it by Vijay Mallya. HDFC Ltd sold 1.5 lakh shares for a total value of nearly Rs 47 crore.
MUMBAI: HDFC Ltd has sold a part of the United Spirits shares pledged with it by Vijay Mallya. HDFC Ltd sold 1.5 lakh shares for a total value of nearly Rs 47 crore.

In a stock exchange filing United Spirits said, “Kingfisher Finvest Ltd had pledged certain shares in United Spirits Limited to HDFC Ltd to secure loan given to United Breweries (holdings) limited.”

According to the statement HDFC unilaterally invoked the shares pledged. HDFC sold shares amounting to 0.10% stake in United Spirits. These shares were among the total 1.18% shares pledged to banks by Mallya.

Shares of United Spirits ended at Rs 3126.95 on Tuesday and Rs 3126.60 on Monday.

Relay BV a wholly owned subsidiary of Diageo Plc is the majority shareholder of USL with 54.78% stake. UBHL holds 2.90% in USL out of which 1.18% is encumbered.

Late last week private sector lender Yes Bank had also sold 4.15 lakh of the United Breweries shares for more than Rs 40 crore. Dutch co-promoter Heineken had bought those shares in a block trade executed last Thursday.

Just last week, State Bank of India declared Mallya a wilful defaulter, weakening his legal defence. A 17-member consortium led by SBI is struggling to recover loans from the defunct Kingfisher Airlines and Vijay Mallya, after the lenders recalled the loan in February 2013.

At United Spirits annual general meeting recently, Mallya had offered banks to pay the principal amount that he owes but not the interest component. “I am focussing on settling Kingfisher affairs with banks. That's what my current focus is on,” Mallya had said.

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