United Breweries (Holdings) is locked in lower circuit of 5% at Rs 39.60 for a second consecutive day after the company’s holding in United Spirits, a group company has declined by over two percentage points on offloading of pledged shares by lenders in open market.
A combined 22,635 shares have changed hands on the counter and there are pending sell orders for 426,699 shares on BSE and NSE at 1000 hours.
“United Breweries (Holdings), the promoter of the company, holding in the company has declined to 15.73% from 17.75% on account of invocation of pledge created in favour of lender,” United Spirits, the UB Group Company said in a BSE filing.
The lenders have sold 2.64 million shares of the company on Monday, April 1. The change in shareholding has occurred due to invocation of pledge by the lender in whose favour the pledge was created, added company.
According to media reports the State Bank of India, along with other banks, has started selling shares of United Spirits that were pledged by UB Holdings as security against the Rs 7,000-crore loan to Kingfisher Airlines.
Meanwhile UB Holdings is currently trading nears to its historic low of Rs 36.20 touched on BSE on March 28. The stock has tanked 73% from its high of Rs 146 touched on September last year after Diageo Plc, the world's biggest spirits maker, announced to acquire a controlling stake in United Spirits.
A combined 22,635 shares have changed hands on the counter and there are pending sell orders for 426,699 shares on BSE and NSE at 1000 hours.
“United Breweries (Holdings), the promoter of the company, holding in the company has declined to 15.73% from 17.75% on account of invocation of pledge created in favour of lender,” United Spirits, the UB Group Company said in a BSE filing.
The lenders have sold 2.64 million shares of the company on Monday, April 1. The change in shareholding has occurred due to invocation of pledge by the lender in whose favour the pledge was created, added company.
According to media reports the State Bank of India, along with other banks, has started selling shares of United Spirits that were pledged by UB Holdings as security against the Rs 7,000-crore loan to Kingfisher Airlines.
Meanwhile UB Holdings is currently trading nears to its historic low of Rs 36.20 touched on BSE on March 28. The stock has tanked 73% from its high of Rs 146 touched on September last year after Diageo Plc, the world's biggest spirits maker, announced to acquire a controlling stake in United Spirits.
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