UB Group stocks gain up to 12%, UBHL shines

MUMBAI: UB Group stocks, led by United Breweries (Holdings) Ltd, soared by up to 12.2 per cent today, after Vijay Mallya and Kingfisher Airlines submitted in a sealed cover a proposal for repayment of Rs 4,000 crore to the consortium of banks led by SBI by September.

Shares of United Breweries (Holdings) zoomed 12.20 per cent to settle at Rs 20.70 on BSE. During the day, it jumped 15.71 per cent to Rs 21.35.

McDowell Holdings rose 4.36 per cent, Mangalore Chemicals & Fertilizers was up 1.82 per cent and United Breweries (0.21 per cent).

Mallya and Kingfisher Airlines today submitted in a sealed cover a proposal for repayment of Rs 4,000 crore out of the loan amount of Rs 6,903 crore to the consortium of banks led by State Bank of India by September this year.

Along with Mallya and Kingfisher, the proposal was also submitted by United Breweries (Holdings) and Kingfisher Finvest (India) Ltd.

A bench comprising Justices Kurian Joseph and RF Nariman allowed the consortium of banks a week's time to respond to the proposal and posted the matter for further hearing on April 7.

On March 9, the government had informed the apex court that Mallya, who is facing legal proceedings for allegedly defaulting loans of over Rs 9,000 crores from various banks, has left the country a few days back.