United Breweries Holdings (UBHL), the parent company of Vijay Mallya’s UB Group, has released a pledge on 7.5 million shares (2.83% stake) of beer major United Breweries (UBL), the company said in a communication to the stock exchanges on Monday.?UBHL also released a pledge on 46,000 shares of United Spirits (USL).
Both the events took place on May 30, the company said in a filing to Bombay Stock Exchange (BSE).?The encumbrance for these shares had been made in favour of IFCI,?an Indian government owned development bank.
Incidentally, USL’s?co-promoter, UK-based liquor major Diageo, is offering to buy 26% from public shareholders in an open offer worth around R11,500 crore.
Late last month,?UBHL released pledges on 1.9 million shares of USL, which?had been made in favour of Sicom, a financial institution owned by the Maharashtra government.?
During the same period, UBHL also released pledges on nine million shares (7.59% stake) of Mangalore Chemicals and Fertilizers (MCF) which is currently in the midst of a battle for control.?Mallya has teamed up with the Saroj Poddar-led Adventz Group to counter the Pune-headquartered Deepak Fertilisers’ open offer to acquire majority stake in MCF.
UBHL holds 15.05% stake in MCF, of which more than three-fourths was encumbered prior to the release of nine million shares.