UB group promoters have marginally revoked their pledged shares to the tune of 1.09 per cent which they had pledged to various financial institutions to raise debt.
The promoters had pledged 90.85 per cent of their 36.57 per cent holding in its group firm United Spirits. United Spirits on Monday has disclosed that the promoters have revoked nearly 400,000 shares amounting to 1.09 per cent. United Spirits has a debt of Rs 6,900 crore.
UB Holdings, the principal holding company for UB group promoter Vijay Mallya, has been aggresive in pledging shares to fund various acquisitions for the group companies and to fund its bleeding airline business Kingfisher Airlines.
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