The Netherlands & India: Heineken increases stake in United Breweries
Dutch brewing giant Heineken has increased its shareholding in United Breweries Ltd, the listed Bengaluru-based firm once headed by fugitive tycoon Vijay Mallya, VCCircle reported on March 27.
Heineken purchased an additional 75 lakh shares representing 2.8% of total paid-up equity of United Breweries, which makes the Kingfisher brand of beer, via a block deal for 1,007 crore (around $146 million at current exchange rates).
As of December 2018, Heineken held an equity stake of 43.7% in United Breweries. Heineken is the single-largest shareholder in the company.
Mallya and group companies held 14% stake. A part of this was under UB Holdings, which is currently under liquidation. The set of shares involved in the block deal had been pledged with the Enforcement Directorate.
Shares of United Breweries closed at Rs 1,355.50 apiece, up 0.56% from the previous close in a negative Mumbai market. The stock had shot up 6% intraday following reports of the block deal.
Mallya left India for London in March 2016 shortly after lenders to his defunct Kingfisher Airlines declared him a wilful defaulter.
A British court ruled in December that Mallya should be extradited to India to face fraud charges.
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