HDFC invokes 35k USL shares pledged by Kingfisher Finvest

Housing Development Finance Corporation (HDFC) Limited has invoked 35,000 shares of United Spirits Limited (USL) pledged to it by Kingfisher Finvest India (KFI), a firm promoted by embattled businessman Vijay Mallya.

In a communication to BSE, KFI said it had pledged certain shares in USL to HDFC to secure loan given to United Breweries (Holdings).

On June 22, HDFC undertook unilateral invocation of 35,000 shares, amounting to 0.02% stake in USL, it added.

On the basis of Wednesday's closing price of Rs 2,414.20, invoked shares are worth around Rs 8.45 crore.

According to filing, the remaining shares of USL pledged by KFI now stand at 10.15 lakh. HDFC had invoked 3 lakh shares of USL in March this year and 1.5 lakh in November 2015.

Lenders of defunct Kingfisher Airlines have been taking several steps to recover their dues. A 17-bank consortium led by State Bank of India has been trying to recover dues, which have ballooned to over Rs 9,000 crore after taking into account an interest component, from Mallya, who has been declared a wilful defaulter.