ED to sell large chunk of Vijay Mallya's unpledged shares in United Breweries to raise over Rs 4,000 cr

Mumbai: The Enforcement Directorate (ED) plans to raise over Rs 4,000 crore by selling off a large part of unpledged shares owned by fugitive liquor baron Vijay Mally ain United Breweries. This amount is nearly half of the money Mallya owes to lenders, according to a report in The Economic Times.

Defaulter businesmman Vijay Mallya.

Defaulter businesmman Vijay Mallya.

Officials close to ED told the ET that it had secured custody of 4 crore unpledged shares. This constitutes to about 15.2 percent stake that Mallya owns in United Breweries. The shares were transferred to ED by the Stock Holding Corporation of India under the Prevention of Money Laundering Act (PMLA), sources told the ET. The remaining 27 lakh shares will be soon transferred, the report said.

The shares will be sold under section 9 of the PMLA, the report said, As per the Act, after an order of confiscation, all the rights and titles in such assets rest with the Centre. Mallya's shares are estimated to be Rs 4,327 crore, as per Thursday's closing price which stood at Rs 1,081.85, the Moneycontrol said.

 


Updated Date: Jan 19, 2018 11:57 AM

Also Watch

Watch: Firstpost test rides the new Thunderbird 500X in Goa and walks you through the Royal Enfield Garage Cafe
  • Tuesday, April 17, 2018 Varun Dhawan on Shoojit Sircar's October, 5-star reviews and working with Anushka Sharma in Sui Dhaaga
  • Saturday, April 14, 2018 Ambedkar Jayanti: Re-visiting Babasaheb's ideals exposes fake Dalit politics of Rahul Gandhi and Congress
  • Monday, April 9, 2018 48 hours with Huawei P20 Pro: Triple camera offering is set to redefine smartphone imaging
  • Monday, April 16, 2018 Rajyavardhan Singh Rathore interview: Sports can't be anyone's fiefdom, we need an ecosystem to nurture raw talent

Also See