Pawar admits UB Group shares

New Delhi, Jun 7: Sharad Pawar, the NCP leader and Union Agriculture Minister, admitted that he and his family have a small stake in the parent company of Royal Challengers (RCB), the IPL team from Bangalore in addition to owning a 16.22 percent equity stake in the City Corporation, which bid for the Pune IPL franchise.

Sharad Pawar admitted that he owns UB Group shares, but he added that it does not mean, he has a stake in RCB.

The details of the investment, reported by Times of India is as follows: The Pawars own over 51,000 shares - currently valued at about Rs 6 crore in Vijay Mallya's United Spirits Ltd (USL), of which Royal Challengers Sports Private Ltd (RCSPL) is a wholly-owned subsidiary.

The Pawars' shareholding in USL amounts to roughly 0.05 percent of that company's equity. This holding arose out of the merger in 2006 of Baramati Grape Industries Ltd - in which the Pawars had a significant stake and where his brother was a director - with USL.

These shares are mostly held through Lap Finance and Consultancy Pvt Ltd, a family company of the Pawars.

Lap Finance holds at least 13,950 shares of USL in lieu of its 4.12 percent stake in Baramati Grape.

Lap Finance is fully owned by Sharad Pawar, his wife Pratibha and daughter Supriya Sule. Each of them holds one-third of the shares in the company.

OneIndia News