United Breweries (Holdings) Ltd, Vijay Mallya-led UB Group's holding company, has lost around 0.34 per cent stake more in United Spirits Ltd, as lenders have sold another tranche of pledged shares in the liquor maker to recover dues, as per a stock market disclosure.
United Breweries now holds 5.93 per cent stake in United Spirits, the world’s largest spirits company by volume.
United Breweries held around 6.77 per cent in United Spirits as of December 31, 2013 of which 6.42 per cent was pledged. Lenders invoked a part of the pledged shares last week selling 0.5 million shares.
Last month, Diageo Plc, the world’s-largest spirits maker by revenue, had hiked its stake in United Spirits by acquiring another 2.4 per cent to take its total holding to 28.7 per cent for $138 million.
Mallya’s UB Group has been laden with debt and the businessman had been losing control of group companies, including United Spirits and Mangalore Chemicals and Fertilizers Ltd. The group’s airlines business went under as Kingfisher Airlines had to shut operations.
Mallya sold a strategic stake in United Spirits to Diageo sometime back.
Shares of United Spirits last traded at Rs 2,364.60 per share, up 2.15 per cent in a strong Mumbai market on Tuesday.
(Edited by Joby Puthuparampil Johnson)