United Breweries now left with 3.44% non-pledged stake in MCFL

This, following sale of one crore shares by lenders

Mangalore Chemicals and Fertilizers' promoter firm United Breweries Holdings now has 3.44% stake in the company which are not pledged, following sale of one crore shares by lenders.

UB group's lenders recently decided to begin the process of recovering their loans through sale of securities pledged with them amid huge accumulated losses and soaring debt levels of Kingfisher airline that is grounded since October 2012.

In a filing to the BSE, Mangalore Chemicals and Fertilizers Ltd (MCFL) said that one crore shares of United Breweries Holdings Ltd (UBHL) have been invoked by lenders.

Post this step by lenders, the shareholding of UBHL excluding pledged shares has come down to 40,82,187 shares, which is 3.44% in the MCFL.

On April 10, MCFL had said the shareholding of UBHL has come down to 16.07% from earlier 24.51% in the company on account of invocation of pledge created in favour of lender.

Promoters -- United Breweries Holdings, United Spirit and McDowell Holdings -- together held a stake of 30.44% in MCFL by the end of December 2012, nearly 70% of their shares were pledged with various lenders.   

Last week, SBI group entity had sold over one crore shares (nearly 10% stake) in the MCFL, which was bought by rival Zuari Fertilisers.

At the BSE, shares of MCFL fell by 0.84% to close at Rs 41.55.