The Vijay Mallya-led United Breweries Holdings (UBHL) on Monday told the Karnataka High Court that it has deposited R250 crore in the court out of the proceeds of its sale of shares to British liquor firm Diageo, in compliance with an order of the court.
The British company had completed the purchase of 25.02% stake in United Spirits (USL) on July 4. UBHL, the holding company of Mallya?s UB Group, said it received a total of R1,460.36 crore from its sale of 10.14 million USL shares. Out of this, R820 crore was payed to secured creditors who held the shares while the legal expenses amounted to R10.55 crore.
The company also informed the court that a remaining sum of R379.75 crore from the transaction is being held in the company?s bank account. The firm also told the court that it has to comply with the tax liability on the transaction.
UBHL is currently contesting winding-up petitions filed by aircraft lessors and financiers of the grounded Kingfisher Airlines. In May, while granting UBHL permission to conclude the deal, the court had asked it to deposit R250 crore out of the proceeds and also to retain any balance from the sale. The court also restrained the company from creating new pledges or encumbrances on assets till the winding up petitions were disposed of.
The five winding-up petitions against UBHL had been filed separately between March and November 2012 by Rolls Royce and Partners Finance, BNP Paribas, Avions de Transport Regional GTE and IAE International Aero Engines AG, who were aircraft lessors and financiers to Kingfisher Airlines.