UB (Holdings) pledges nearly 86% shares in MFCL

MUMBAI: Vijay Mallya-promoted United Breweries (Holdings) has pledged nearly 86 per cent of its shares in group company Mangalore Chemicals and Fertilisers Ltd ( MFCL).

In a filing to the BSE, Mangalore Chemicals and Fertilisers has said that its promoter United Breweries (Holdings) has pledged 90 lakh shares. At current market price, these shares are worth nearly Rs 29 crore.

UB (Holdings) holds a total of 2,90,43,797 shares worth 24.51 per cent in MFCL. Out of that, it has so far pledged 2,49,61,610 shares worth 21.06 per cent in MFCL.

Promoters held a total of 30.44 per cent stake in MFCL as on June 30.

UBHL is the holding company of the UB group, which owns controlling stakes in the group's companies like United Spirits Ltd (USL), United Breweries Ltd (UBL) and Kingfisher Airlines Ltd (KFA).

The other group investments into engineering, fertilisers and pharmaceuticals are also through UBHL.

MFCL manufactures urea and various grades of complex fertilisers including di-ammonium phosphate (DAP). The plant also produces ammonia, ammonium bi-carbonate and sulphuric acid.

Shares of MFCL today closed at Rs 32.20, up by 3.54 per cent from its previous close at the BSE.