HDFC invokes 35k USL shares pledged by Kingfisher Finvest

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New Delhi | Updated: June 23, 2016 10:02:38 PM

HDFC Ltd has invoked 35,000 shares of United Spirits pledged to it by Kingfisher Finvest India, a firm promoted by embattled businessman Vijay Mallya.

On June 22, HDFC undertook "unilateral invocation" of 35,000 shares, amounting to 0.02 per cent stake in USL, it added. (Reuters)On June 22, HDFC undertook “unilateral invocation” of 35,000 shares, amounting to 0.02 per cent stake in USL, it added. (Reuters)

HDFC Ltd has invoked 35,000 shares of United Spirits pledged to it by Kingfisher Finvest India, a firm promoted by embattled businessman Vijay Mallya.

In a communication to BSE, Kingfisher Finvest India said it had pledged certain shares in USL to HDFC to secure loan given to United Breweries (Holdings).

On June 22, HDFC undertook “unilateral invocation” of 35,000 shares, amounting to 0.02 per cent stake in USL, it added.

Also Read: HDFC Life wants to be No. 1 in India; here’s how

On the basis of yesterday’s closing price of Rs 2,414.20, the invoked shares are worth around Rs 8.45 crore.

As per the filing, the remaining shares of USL pledged by Kingfisher Finvest India (KFI) now stand at 10.15 lakh. HDFC had invoked 3 lakh shares of USL in March this year and 1.5 lakh in November 2015.

Lenders of the defunct Kingfisher Airlines have been taking several steps to recover their dues. A 17-bank consortium led by SBI has been trying to recover the dues, which have ballooned to over Rs 9,000 crore after taking into account the interest component, from Mallya, who has been declared a ‘wilful defaulter’.

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