DRT transfers UBL shares worth over Rs 1,025 cr held by UBHL

Liquor firm United Breweries Ltd (UBL) Monday said the Debt Recovery Tribunal (DRT) in Bengaluru has transferred 2.80 per cent stake worth over Rs 1,025 crore held by Vijay Mallya-linked United Breweries (Holdings) Ltd in the company.

"The recovery officer-I, DRT-II, Bengaluru has transferred 74,04,932 equity shares comprising 2.80 per cent of the total issued and paid up equity share capital of the company in its name from the demat account of United Breweries (Holdings) Ltd which is under liquidation," UBL said in a regulatory filing.

According to the BSE data for December 2018 quarter, United Breweries (Holdings) Ltd (UBHL) held 2.80 per cent stake in United Breweries Ltd.

Based of the weighted average price of United Breweries Ltd stock on March 8, 2019 at Rs 1,389.97 apiece, value of 74,04,932 equity shares of the company is estimated at Rs 1,029.26 crore.

The bankers and creditors have been pressing for closure of United Breweries (Holdings) Ltd to clear the debts owed by Mallya, who is wanted in India in the Rs 9,000-crore Kingfisher Airlines loan default case.

In March 2016, Mallya fled to the UK. Last month, extradition of Mallya, accused of conspiracy to defraud banks and money laundering offences, was approved by the UK Home Secretary.