03 March, 2020

India: State Bank of India finalises plans to sell 2.8% stake in United Breweries to Heineken

Lenders led by the State Bank of India have finalised plans to sell about 2.8 per cent stake in United Breweries to the beer maker’s largest shareholder, Heineken, as they seek to recover money owed to them by Vijay Mallya, the Economic Times reported on March 4.

The shares, worth about Rs 913 crore based on United Breweries’ market value on March 3, were pledged by UB Holdings against loans when Mallya had controlled the companies.

These shares are now in the custody of the liquidator for Mallya’s assets, appointed by a special Mumbai court dealing with money-laundering cases.

UB Holdings is currently controlled by the world's largest liquor company, Diageo.

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