Heineken International, the Dutch multinational brewing company has acquired an additional 14.99 percent stake in United Breweries Limited (UBL) via a block deal after the former sought exemption from the markets regulator to buy an additional stake in the Bangalore-based company.
"We hereby disclose that Heineken N.V. has acquired an additional 39,644,346 equity shares of Company taking its shareholding in the company from 46.52 percent to 61.50 percent," UBL said in an exchange release on Wednesday.
3.96 crore shares, making 14.99 percent of the equity, changed hands at Rs 1,471.25 per share in the BSE block deal window. Block deals occur in a single transaction through a separate trading window at the beginning of market hours for 35 minutes.
Earlier on Monday, the Competition Commission of India had approved Heineken's acquisition of an additional equity stake in UBL.
Following the report, the shares of UBL dropped nearly 2 percent on BSE to trade at Rs 1,432. Before the fall, the stock had hit a 52-week high in the morning session on Wednesday.
While UBL is engaged in the manufacturing, sales, and distribution of beer in India, Heineken is an investment holding company and does not directly engage in any business activity. It is a direct and an indirect shareholder for all non-Dutch companies that form part of the Heineken Group.
The copy was updated with a quote from UBL's exchange release.
First Published: IST