ICICI Bank buys pledged UB shares
United Breweries Holdings said on Friday that ICICI Bank had unilaterally bought 1.96 million shares amounting to Rs 186 crore of its holding in United Breweries (UB), which it had pledged with the bank.
The firm said it had given non-disposal undertaking in favour of ICICI Bank with respect to the shares it owned in United Breweries. The undertaking was given only as a top-up to secure the company’s obligation to repurchase the loan provided by ICICI to Kingfisher Airlines, the firm said. ICICI had bought the shares on Wednesday.
UB Holdings had pledged 3.33 per cent of the 11.46 per cent stake it holds in United Breweries. Mallya had said in September the company had challenged in the Bombay High Court the validity of the guarantees of Rs 8,707 crore extended by the company to lenders of Kingfisher Airlines.
After State Bank of India declared him a wilful defaulter, Mallya said he would negotiate with banks to clear the dues.
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