MUMBAI: The Enforcement Directorate plans to sell a large chunk of unpledged shares owned by Vijay Mallya in United Breweries, to raise more than Rs 4,000 crore, or nearly half of the money owed by the liquor baron to lenders.Top officials close to the issue said ED has secured custody of 4 crore unpledged shares, constituting about 15.2% stake, owned by Mallya in India’s largest beermaker. The shares were transferred to ED by the Stock Holding Corporation of India under the Prevention of Money Laundering Act (PMLA), two people with knowledge of the plan said. The remaining 27 lakh shares are expected to be transferred soon. Mallya did not respond to emailed questions.“We will soon sell the shares under Section 9 of the PMLA,” an ED official said. According to the Act, after an order of confiscation, all rights and title in such property stay with the central government. The sale is expected to fetch around Rs 4,327 crore based on Thursday’s closing price of Rs 1081.85.This is not the first time such a sale is happening under provisions of the money laundering law. ED sold some investments of Ramalinga Raju , the founder chairman of erstwhile Satyam Computers , in Gland Pharma.Mallya owns 29.46% in UB comprising 7.79 crore shares, out of which 3.52 crore constituting 45.17% of his stake is pledged with lenders.Dutch brewer Heineken owns 43% in UB and the rest is held by public shareholders.Heineken International, which had purchased shares from the lenders in 2016, is keen to hike its stake and ED’s move provides it with an opportunity. UB’s Articles of Association bar Heineken from buying shares from the market unless it is a bilateral deal.“Heineken can go through the only possible route to strengthen its holding in UBL by offering the best market price,” an official close to UB said. “Given the situation, Mallya himself may not want any business interests in a country where he runs the risk of getting arrested. Then there is this complicated shareholder agreement between Mallya and Heineken in UB.”A Heineken spokesperson did not respond to queries.Mallya resigned from the UB board after the markets regulator barred wilful defaulters from the board of Indian companies.