Yes Bank sells UB shares

TESTCustomwebLP TESTCustomwebLP
By TESTCustomwebLP TESTCustomwebLP November 30, 2015 22:03

Yes Bank sells UB shares

Yes Bank, which is a creditor of Kingfisher, has invoked 3.02% stake of United Breweries, which was pledged by McDowell Holdings, a unit of UB Group, by selling shares worth Rs.778 crore. The move comes after the State Bank of India (SBI) declared Vijay Mallya, Kingfisher Airlines and its holding company United Breweries Holdings, as willful defaulters.

Yes bank has invoked the stake “to secure loans given to group companies.”  The remaining airline creditors are planning to e-auction the assets of the grounded airline, in their latest bid to part recover their dues of around Rs.7,000 crore and accrued interest.

TESTCustomwebLP TESTCustomwebLP
By TESTCustomwebLP TESTCustomwebLP November 30, 2015 22:03