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SBI consortium recovered from 70% loss, sold Vijay Mallya’s shares in United Breweries.

The Edge Media by The Edge Media
4 years ago
in Main Story, Stock Exchange, World Edge
Reading Time: 1 min read
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SBI consortium recovered from 70% loss, sold Vijay Mallya’s shares in United Breweries.

IC:(Hindustan Times )

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A state Bank of India (SBI) -led consortium sold fugitive businessman vijay mallaya’s shares worth Rs.5,825 crore in the United Breweries (UB) group to Heineken company on Wednesday and recovered around 70% of their Rs.9,900 crore defrauded loan money. 

The wednesday deals was executed in a special arrangement between the Enforcement Directorate (ED), which had attached these shares in the money laundering case, the SBI-led consortium of the banks and the UB’s present owner Heinken, to ensure that it should not affect the market price of the company’s shares. 

On an earlier occasion, the bank had sold Mallaya’s share in UB and United spirits LTD worth Rs.1,357 crore. They are also in the process to sell Rs.800 crore more shares before June 25 . Mallaya is in the Uk and the government of India is trying to extradite him in the case. 

 

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