Lenders sell Mallya's entire stake in Mangalore Chemicals and Fertilisers

The shares were sold in the stock markets and the proceeds will be used to retire part of bank dues

Vijay Mallya
Premium

File Photo: Vijay Mallya

Dev Chatterjee Mumbai
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

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Feb 11 2021 | 4:28 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com