United Breweriesis trading higher by over 4% to Rs 679 after falling 15% in past six trading sessions on clarification that brand "Kingfisher" has not been hypothecated or pledged by company to any lender to secure its loans and no shares of the company are pledged to the lenders of Kingfisher Airlines.
“United Breweries is the owner of brand "Kingfisher" registered under the respective Trademark classes pertaining to alcoholic beverages. The brand "Kingfisher" has not been hypothecated / pledged by United Breweries to any lender to secure its loans,” United Breweries said in a statement.
“There has also been some speculation as to whether shares in United Breweries are pledged to the lenders of Kingfisher Airlines. We wish to clarify that no shares of the Company are so pledged,” the company said.
The company was reacting to reports related to the recall of loans to Kingfisher Airlines by banks and the possible invoking of items that had been pledged.
The stock opened at Rs 672 and hit a high of Rs 682 on NSE. A combined 706,316 shares have changed hands on the counter so far on NSE and BSE.