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Heineken International B.V. (HIBV) today announced that it has acquired an additional 39,644,346 ordinary shares in United Breweries Limited (UBL) taking its shareholding in UBL to 61.5% from 46.5%.

This announcement comes after the Competition Commission of India (CCI) had on Monday approved the acquisition of additional equity shareholding by HIBV.

Amsterdam-headquartered 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.

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.

These shares were originally held by the group companies of the promoter Vijay Mallya, who defaulted in paying the outstanding dues to various public sector banks and other financial institutions led by the SBI Consortium.

HIBV had sent an application to markets regulator SEBI seeking exemption from the applicability of Substantial Acquisition of Shares and Takeovers (SAST) Regulations in the matter of its proposed acquisition of certain equity shares of UBL from the recovery officer of the Bangalore Debt Recovery Tribunal, under whose custody the transfer shares owned by the Vijay Mallya Group were being held.

SEBI on Tuesday had approved the same application and exempted HIBV from the obligation of making an open offer following its proposed acquisition of shares in UBL.

“I note that consequently, for recovering dues of Public Sector Banks and other Financial Institutions, the transfer shares held by VJM Group Transferors were directed to be liquidated under the proceedings of Bangalore DRT,” SEBI Whole Time Member S K Mohanty had said.

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