YES Bank invokes UB's shares worth Rs 778 crore

 Private sector lender YES Bank has invoked 3.02 per cent stake of United Breweries, pledged by McDowell Holdings, a unit of Vijay Mallya-led UB Group, by selling shares worth Rs 778 crore.

The move comes after SBI declared Mallya, Kingfisher Airlines and its holding company United Breweries Holdings, as wilful defaulters for defaults on nearly Rs 7,000-crore loans to the long-grounded carrier.

In a notification to exchanges, United Breweries said that YES Bank has invoked a total of 79.81 lakh shares, amounting to 3.02 per cent stake. These shares were pledged by McDowell Holdings. At Friday’s closing price of Rs 974.80 apiece, the shares sale of United Breweries is valued at Rs 778 crore.