Mangalore Chem zooms on talk of stake sale by promoters

UB Group may sell stake to repay debt of group company Kingfisher Airlines

Shares of Mangalore chemicals and Fertilisers were up over 6% on talks that the UB Group may sell stake its non-core assets to reduce the debt of its group company Kingfisher Airlines

"The brand Kingfisher is very important for Mallya and the talk of selling non-core assets like Mangalore Refineries is welcome," PTI quoted Pratip Chaudhuri, chairman State Bank of India, adding "Mallya is keen to keep control of Kingfisher...So the sense we have from him is that he is willing to do everything possible, including big sacrifices."

The UB Group holds 30.44% stake in Mangalore Chemicals and Fertilisers. United Breweries Holdings Ltd holds 24.51%, United Spirits holds 0.01% and McDowell Holdings Ltd holds 5.93% stake in the company, as per the shareholding details as of June 30, 2012 available on BSE website.

Over 900,000 shares were traded on the NSE.