ECL Finance invokes 72,250 pledged USL shares

Financial services firm ECL Finance has invoked 72,250 shares worth around Rs 18.25 crore of Diageo-led United Spirits pledged by United Breweries (Holding) Ltd (UBHL)

New Delhi: Financial services firm ECL Finance has invoked 72,250 shares worth around Rs 18.25 crore of Diageo-led United Spirits pledged by United Breweries (Holding) Ltd (UBHL).

"UBHL had pledged the shares in United Spirits Ltd to ECL Finance to secure the credit facility availed from it from the pledgee. The present disclosure pertains to the unilateral invocation of the pledge by the pledgee on March 17, 2016," UBHL said in a BSE filing.

Based on yesterday's closing price of Rs 2,526.10 apiece of USL, the shares are worth around Rs 18.25 crore.

Vjay Mallya-led UBHL had 41,88,556 shares of United Spirits Ltd (USL) which accounted for 2.88 per cent of the total shareholding of the company. It had pledged 17,13,820 shares amounting to 1.8 per cent of USL's share capital.

The invocation of the shares comes at a time when 17 lenders led by SBI and investigative agencies have stepped up pressure on Mallya for recovery of over Rs 9,000 crore loans given to the grounded Kingfisher Airlines.

The stock of USL today settled at Rs 2,586.30 on BSE, up 2.38 percent from its previous close.