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Kingfisher loan case: SBI consortium receives Rs 5,824.5 crore in its account from share sale of United Breweries

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SBI led consortium received Rs 5,824.5 crore in its account from the sale of shares of United Breweries Limited.

Kingfisher loan case: SBI consortium receives Rs 5,824.5 crore in its account from share sale of United Breweries
A consortium of lenders led by State Bank of India (SBI) on Friday has received Rs 5,824.5 crore in its account from the sale of United Breweries Ltd shares belonging to fugitive Vijay Mallya, a statement from Enforcement Directorate said.
The Debt Recovery Tribunal, on behalf of the SBI-led consortium, on Wednesday sold a 15 percent stake in United Breweries Ltd to Heineken International for Rs 5,824.5 crore.
Earlier, banks had sold Rs 1,357 crore worth of shares and are planning to sell Rs 800 crore worth of shares by June 25. So far, banks have recovered Rs 7,182 crore from Mallya through share sales.
SBI has the highest exposure of Rs 1,600 crore out of the original loan of Rs 6,900 crore to the defunct Kingfisher Airlines. Other banks that have exposure to the airline include Punjab National Bank (Rs 800 crore) and IDBI Bank ( Rs 800 crore), Bank of India (Rs 650 crore), Bank of Baroda (Rs 550 crore), Central Bank of India (Rs 410 crore).
Mallya is accused of fraud and money laundering allegedly amounting to around Rs 9,000 crore, which involved his defunct Kingfisher Airlines. Last year, Mallya offered to pay back 100 percent of "public money" to various Indian banks and urged the government to accept his offer, days ahead of a UK court's decision on his plea not to extradite him to India.
The 65-year-old former Kingfisher Airlines boss has been on bail in the UK on an extradition warrant since his arrest in April 2019. Mallya's extradition was ordered by former Britain Home Secretary Sajid Javid, in February 2019, after a prima facie case of fraud and money laundering was upheld by the UK courts, including on appeals. He remains on bail in Britain while a confidential legal matter, believed to be related to an asylum application, is resolved.

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