Mumbai: According to reports in a section of the media, the Enforcement Directorate has taken possession of Vijay Mallya's stake in United Breweries and other listed companies.
Reports peg Mallya's due to lenders stood at nearly Rs 8200 crore as on December 31, 2016.
Vijay Mallya, who has a direct stake of about 8% in United Breweries, has another 22% holding in the company through some of his privately held companies. The beleagured liquor baron has a 7% stake in UB Holdings and has shares in United Spirits Limited as well.
Almost the entire direct stake of Mally's holdings in United Brweries is under pledge with banks. Nearly a third of the stake he holds through some private companies are also under pledge.
Media reports say that Dutch Beer giant Heineken recently approached Mallya's lenders (banks) with a proposal to buy out all of Mallya’s United Breweries shares pledged with them. Heineken owns a little over 43% in United Breweries, the maker of Kingfisher brand of beer.
Now that the Enforcement Directorate has taken possession of the shares, it can sell the shares only after it gests a confiscation order from the court. The directorate expects to get a confiscation order sometime soon.
Shares of United Breweries Limited are up 2.5% at Rs 794.40, after having rallied to Rs 808 earlier. United Breweries (Holdings) Limited shares are down by about 2%.
Meanwhile, United Spirits, which vaulted to Rs 2085, is currently up 7.7% at Rs 2070. The stock has come back strongly after last week's decline. The stock had eased recently amid uncertainty about GST rates for beverages.
The stock has gained today following the Chief Executive Officer of the company making a positive pitch on the company’s performance. The company has set out the medium-term goal to grow top-line by double digit and improve operating margin to mid-high teens.
