New Delhi, June 23 (SocialNews.XYZ) Heineken International B.V. now has controlling stake in United Breweries Ltd (UBL) after it picked up nearly 15 per cent additional stake in the company.
The shares were sold by the Debt Recovery Tribunal on Wednesday, on behalf of an SBI-led consortium for around Rs 5,800 crore.
"Heineken N.V. today announces that it has acquired an additional 39,644,946 ordinary shares in United Breweries Ltd (UBL) taking its shareholding in UBL from 46.5 per cent to 61.5 per cent," Heineken said in a statement.
United Breweries manufactures India's popular beer brand Kingfisher. It was owned by Vijay Mallya, who is in Britain and considered an economic offender. India has been trying to extradite him over loan dues and fraud.
The transaction comes a day after the capital market regulator SEBI on Tuesday exempted Heineken from the obligation of making an open offer for acquiring additional shares in UBL.
The Securities and Exchange Board of India (SEBI) had received an application dated June 7 from Heineken International seeking exemption from an open offer for additional UBL shares.
On Monday, the Competition Commission of India (CCI) had approved the additional equity stake acquisition by Heineken in United Breweries.
In a tweet on Monday, the CCI said: "Commission approves proposed acquisition of additional equity stake in United Breweries Limited by Heineken International B.V."
HIBV is an investment holding company and is itself not engaged in any business activity. It is a direct/indirect shareholder for all non-Dutch companies that form part of the Heineken Group.
The Heineken Group is an international group of companies engaged in the production, manufacture, packaging, distribution, marketing and sale of beer, non-alcoholic beer, cider and cider-based beverages, and a range of other beverages.
UBL is a public limited company incorporated under the Companies Act, 1956 and is principally engaged in the manufacture, sale and distribution of beer in India. Its shares are listed on the Bombay Stock Exchange Ltd and the National Stock Exchange of India Ltd.
Source: IANS
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