Heineken chugs Kingfisher; group becomes largest shareholder of UBL after 15% Buy

A day after getting SEBI's exemption from launching an open offer, Heineken purchases 3.96 crore shares in India's largest Beer maker, United Breweries via a block deal. This amounts to a 15% stake in UBL leading to the Dutch Beer Giant's stake in the Kingfisher maker increasing from 46.5% to 61.5%, making the Heinekin group now the largest shareholder in UB. SEBI yesterday exempted Heineken from announcing an open offer for 2 reasons - 1. The shares have been purchased from the recovery officer who is acting as a temporary custodian of the shares. This transaction has thus also resulted in the SBI-led consortium managing to recover a little over Rs. 5800 cr. Second, Heineken has anyway classified itself as a promoter of UBL for at least 3 years prior to this stake hike, hence, this transaction did not lead to any change in control of the company.

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