Yes Bank invoked only 0.16% shares of UBL: McDowell Holdings

The company clarified that the bank invoked shares worth Rs 39.48 crore

McDowell Holdings, a unit of Vijay Mallya-led UB Group, today said private lender Yes Bank had invoked shares of United Breweries Ltd (UBL) which formed only 0.16% of its holding.

Clarifying on reports that Yes Bank Ltd (YBL) had invoked shares worth Rs 778 crore accounting for 3.02% stake in United Breweries pledged by McDowell Holdings, the company said the invoked shares are actually worth Rs 39.48 crore only.

"Out of the shares of UBL pledged with various lenders, Yes Bank has invoked 4,15,000 shares forming 0.157 percentage of our holdings in UBL and have realised a sum of Rs 39.48 crore on sale of the said shares," McDowell Holdings said in a filing to BSE.

"The aforesaid invocation has been done by Yes Bank solely to recover part of the outstanding dues and not for any other reason, including declaration of wilful default of some of the group companies by SBI or arising out of any other ongoing disputes with the consortium banker of Kingfisher Airlines Ltd as reported in a section of the press."

The stock of McDowell Holdings on BSE today closed at Rs 31, down 2.52%.