With Bombay High Court clearing the sale of pledged Kingfisher group shares, the State Bank of India on Wednesday said that the lenders consortium to the Vijay Mallya-promoted Kingfisher Airlines will continue to sell United Spirits shares pledged with them.
“There is no stay (from the court), so there’s no reason for us to not do that (continue to sell the shares),” said Shyamal Acharya, deputy MD in charge of mid-corporates, SBI, said on the sidelines of a seminar.
Mallya had sought to restrain banks from selling USL shares for next three weeks, which the court refused to do.
SBI has the maximum exposure to Kingfisher at Rs. 1,800 crore, in the 17-member consortium. Without disclosing a number, Acharya said the core group of lenders has given a floor-price to be protected in the share sale.