The invocation of pledged shares also means that the UB Group?s total promoter stake in USL has declined from 11.13% at the end of the September quarter to 10.91% at present. UBHL, which is the group?s holding company, and its subsidiary Kingfisher Finvest, together hold the bulk of Mallya?s stake in the liquor company. Over the past year, the group?s stake has seen a decline largely on account of the sale of shares by a consortium of banks that had lent to Kingfisher Airlines. The State Bank of India -led consortium had sold 26 lakh shares, which they held as collateral in the open market in April 2013, to recover part of its dues, and UBHL has challenged the sale in the Bombay High Court. In July, UBHL had sold 6.97% stake to Diageo as part of a share purchase agreement, but the transaction was annulled last month by the Karnataka High Court while hearing a winding-up petition. Both UBHL and Diageo have said that they intend to appeal against the order annulling the sale.