United Breweries group shares fall up to 5 in morning trade

Shares of United Breweries lost 1.50 per cent,while Kingfisher Airlines was down 2.76 per cent.

In a setback for liquor baron Vijay Mallya,the Bombay High Court had yesterday refused to restrain banks from selling shares of United Spirits pledged as security against loans to Kingfisher.

The court order would mean that the consortium of 17 banks would be free to sell shares of the subsidiary companies of the UB Group which had been pledged with the lenders under an agreement in 2010.

While the consortium leader SBI has an exposure of Rs 1,800 crore to Kingfisher,Punjab National Bank8217;s exposure stands at Rs 800 crore.

Other major lenders include IDBI Bank Rs 800 crore,BoI Rs 650 crore,Bank of Baroda Rs 550 crore,United Bank of India Rs 430 crore,Central Bank of India Rs 410 crore,UCO Bank Rs 320 crore,Corporation Bank Rs 310 crore,State Bank of Mysore Rs 150 crore,Indian Overseas Bank Rs 140 crore,Federal Bank Rs 90 crore,Punjab and Sind Bank Rs 60 crore and Axis Bank Ltd Rs 50 crore.

The lenders hold 3.5 crore shares of USL as collateral. More than 90 per cent of promoters stake are pledged with various banks.