ECL Finance invokes 7.05 lakh pledged UBL shares

New Delhi: Financial services firm ECL Finance has invoked 7.05 lakh shares worth about Rs 56.63 crore of embattled liquor baron Vijay Mallya-led United Breweries Ltd (UBL) pledged by UBL promoter group firm Kamsco Industries Pvt Ltd.

In a BSE filing today, UBL said ECL Finance had invoked 7.05 lakh shares, accounting for 0.27 per cent stake, on March 17.

"Kamsco Industries Pvt Ltd had pledged certain shares of United Breweries Ltd to ECL Finance Ltd (pledgee) to secure the credit facility availed by PE Data Center Resources Pvt Ltd from the pledgee.

The present disclosures pertains to invocation of the pledge by the pledgee on March 17," it added.

Based on that average price of Rs 803.38 of UBL stock, the transaction is worth around Rs 56.63 crore.

Kamsco Industries had 62,28,636 shares of UBL which accounted for 2.36 per cent of the total shareholding of the company.

It had pledged 29,84,000 shares amounting to 1.13 per cent of UBL's share capital.

Last week, another Mallya-led firm United Breweries (Holding) Ltd (UBHL) had announced that ECL Finance had invoked 72,250 shares worth around Rs 18.25 crore of United Spirits pledged by it.

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.

United Breweries Ltd shares were trading 3.64 per cent higher at Rs 841.75 apiece on BSE.