McDowell sells 1% in UB Group firm MCFL

 McDowell Holdings Ltd, a promoter in the United Breweries Group’s Mangalore Chemicals and Fertilizers (MCFL) on Monday sold a 1.01 per cent stake in the company for Rs 3.4 crore in the open market to reduce its stake in MCFL from 5.93 per cent to 4.92 per cent.

According to a MCFL filing with the BSE, McDowell Holdings sold 12 lakh shares on March 28 on BSE and NSE platforms on March 28 to raise approximately Rs 3.40 crore. Out of 12 lakh shares, the promoter offloaded 6.75 lakh shares on BSE and 5.25 lakh shares on the NSE, MCFL said.

Last week, a SBI group entity, — as part of selling pledged securities to recover the loans of Kingfisher, the ariline owned by the Vijay Mallya-led UB Group —, had sold over one crore shares (nearly 10 per cent) in MCFL to Zuari Agro.

The MCFL share on the Bombay Stock Exchange dropped 4.09 per cent to Rs 41.05 in response to the development. On the National Stock Exchange the share, which has witnessed heavy volume sales in the past five days, fell 4.31 per cent to close at Rs 41.10.