UB Holdings pledges 86% shares in Mangalore Chemicals

Vijay Mallya-promoted United Breweries (Holdings) has pledged nearly 86% of its shares in group company Mangalore Chemicals and Fertilisers (MCFL).

In a filing to the Bombay Stock Exchange (BSE), MCFL has said that its promoter United Breweries (Holdings) has pledged 9 million shares. At current market price, these shares are worth nearly Rs 29 crore.

UB (Holdings) holds a total of 2,90,43,797 shares worth 24.51% in MCFL. Out of that, it has so far pledged 2,49,61,610 shares worth 21.06% in MCFL.

Promoters held a total of 30.44% stake in MCFL as on June 30.

UBHL is the holding company of the UB group, which owns controlling stakes in the group's companies like United Spirits (USL), United Breweries (UBL) and Kingfisher Airlines (KFA).

The other group investments into engineering, fertilisers and pharmaceuticals are also through UBHL.

MCFL manufactures urea and various grades of complex fertilisers including di-ammonium phosphate (DAP). The plant also produces ammonia, ammonium bi-carbonate and sulphuric acid.

Shares of MCFL today closed at Rs 32.20, up by 3.54% from its previous close on the BSE.