ED may sell Vijay Mallya’s shares; United Breweries recovers, United Spirits down

NEW DELHI: Shares of United Spirits and United Breweries were trading lower after reports that Enforcement Directorate (ED) may sell Vijay Mallya’s shares in both companies.

“ED to move to the Prevention of Money Laundering Act (PMLA) court for seeking nod for sale of shares and proceeds from the sale will be kept in fixed deposits till trial concludes,” the report said.

Enforcement Directorate is hoping to collect Rs 1,700 crore via share sale.

United Breweries was trading 0.56 per cent down at Rs 796 around 9.44 am (IST), while United Spirits was down 0.87 per cent at Rs 2,518.65. However, the stocks ended the session 0.24 per cent higher and 1.73 per cent lower respectively.

King of good times Vijay Mallya holds 0.01 per cent stake in United Spirits and 8.08 per cent stake in United Breweries as of June 30, 2017, according to the data available with BSE.

United Breweries had hit 52-week high of Rs 975.50 on October 7, 2016 and 52-week low of Rs 715.80 on April 18, 2017. United Spirits touched 52-week high of Rs 2773.30 on July 19, 2017 and 52-week low of Rs 1775.05 on November 22, 2016.