Indian lenders sold the entire 12 per cent stake held by Vijay Mallya in Mangalore Chemicals and Fertilisers as part of their efforts to recover their dues from the head of UB Group. The shares were sold in the stock markets and the proceeds will be used to retire part of bank dues.
The current promoter of MCF, the Adventz Group, is steadily increasing its stake in the company. MCF stocks closed 10% up at Rs 68 apiece on Thursday.
The complete exit of Mallya from MCF brings an end to a decades long relationship between the UB Group and