ECL Finance invokes 9.30 lakh pledged USL shares

Financial services firm ECL Finance has invoked 9.30 lakh shares of United Spirits, worth about Rs 234.92 crore, pledged by Vijay Mallya-led McDowell Holdings Ltd.
In a BSE filing, McDowell Holdings Ltd said ECL Finance had invoked the shares on March 17.
Based on that day's closing price of Rs 2,526.10 apiece, the USL shares are worth around Rs 234.92 crore.
McDowell Holdings Ltd had 87,22,344 shares of United Spirits Ltd (USL) which accounted for 3.30 per cent of the total shareholding of the company.
It had pledged 79,81,000 shares amounting to 3.02 per cent of USL's share capital.
Last week, another Mallya-led firm United Breweries (Holding) Ltd (UBHL) had announced that ECL Finance had invoked 72,250 shares worth around Rs 18.25 crore of United Spirits, pledged by it.

The invocation of the shares comes at a time when 17 lenders led by SBI and investigative agencies have stepped up pressure on Mallya for recovery of over Rs 9,000 crore loans given to the grounded Kingfisher Airlines.

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Meanwhile, in another regulatory filing, United Spirits said it has received the resignation of Non-Executive Non-Independent Director Nicholas Bodo Blazquez.
Blazquez resigned from the directorship of United Spirits with effect from January 22 consequent upon expiry of his consultancy agreement with Diageo Plc (holding company of United Spirits) in January, it said.