UB group: Promoter shareholding dips
Amid continuing uncertainty about future of cash-strapped Kingfisher Airlines, promoter shareholding has declined at the the air carrier as well as at the two other listed companies of the UB group.
Besides, Vijay Mallya-led UB group firm United Spirits Ltd (USL) recently offered to sell shares as a promoter in another firm, Pioneer Distilleries, through a one-day auction at the stock exchange platform.
The total value of dip in promoter shareholding in July-September 2012 quarter at the three group firms -- Kingfisher, United Breweries (Holdings) Ltd and McDowell Holdings -- is estimated to be very low at about Rs 75 crore.
However, the promoter holdings in these firms have declined at a time when the group is said to be in talks to raise funds through options including sale of shares in companies including Kingfisher and United Spirits.
While the promoter holding at USL remained unchanged during the last quarter at 27.78 per cent, the same in Kingfisher dipped marginally from 35.86 per cent to 35.83 per cent, shows the stock exchange data.
However, the decline in promoter holding was significant from 51.5 per cent to 43.09 per cent at UB Holdings Ltd. The promoter entities whose holdings have fallen include Mallya Pvt Ltd, Kamsco Industries Pvt Ltd and Gem Investment & Trading Company Pvt Ltd.
At McDowell Holdings also, the promoters' stake fell from 45.02 per cent to 43.59 per cent between July and September.
The reasons could not be ascertained for sale of shares in any of these three companies.
For Pioneer Distilleries, its promoter entity
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