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Holland's Heineken looking to buy Vijay Mallya's UB shares pledged with banks

Business Line  

With the special PMLA (Prevention of Money Laundering Act) court restoring to lenders the properties and securities of former liquor baron Vijay Mallya worth INR 5,650 crore, Heineken — which owns nearly 47% in United Breweries — is expected to use the opportunity to increase its shareholding in UB. The Dutch beer giant has told Indian agencies it is willing to buy the shares of Mallya as and when the courts allow the lenders to sell them. Mallya and related companies have an 11.04% stake in UB, of which 2.78 crore shares are pledged. The total value of the free and pledged shares is about INR 3,695 crore.