UB Group firms' promoters pledge shares for Rs 2,800 cr

Liquor baron Vijay Mallya-led United Breweries Group's five firms, including Kingfisher Airlines and United Spirits, today said their promoters have pledged a total of 18.02 crore shares with lenders.

Calculated on the basis of current market price of the five firms -- Kingfisher Airlines, United Breweries Ltd, United Spirits Ltd, McDowell Holdings and United Breweries (Holdings) Ltd, the estimated value of total pledged shares are worth about Rs 2,800 crore.

In a disclosure made to the stock exchanges, Kingfisher Airlines, the flagship airlines brand of the UB group, said its all four promoters -- including Vijay Mallya -- have pledged 43.80 per cent stake in the company for about Rs 394.59 crore, representing 11.64 crore shares

At the end of December quarter, four promoters of Kingfisher Airlines -- Vijay Mallya, Kingfisher Radio, UB Overseas and United Breweries (Holdings) -- held 66.28 per cent stake in the company.

In a filing to the National Stock Exchange, United Spirits Ltd, another group firm of UB Group, said its seven promoters have pledged 3.22 crore shares for nearly Rs 2,173.5 crore, representing 33.22 per cent stake in the company.