Heineken acquires 3.21% stake in UB | business | Hindustan Times
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Heineken acquires 3.21% stake in UB

business Updated: May 15, 2013 21:17 IST
HTC and Agencies
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Heineken UK has acquired a 3.21% stake in Vijay Mallya’s flagship United Breweries, which owns best-selling beer brands such as Kingfisher and Zingaro, among many others, the company said in a regulatory filing with the Bombay Stock Exchange.

United Breweries has allotted over 8.5 million shares to Heineken UK, a shareholder of Scottish & Newcastle India Pvt Ltd (SNIPL), which earlier held this stake, following its amalgamation with UB.

Asked if this was a precursor to Heineken playing a larger role in United Breweries, on the lines of group company USL’s deal with Diageo, Prakash Mirpuri, spokesperson for UB, said: “Heineken already has a 37.5 % stake in UBL and is a joint venture partner of the UB Group. In the case of the Diageo deal, UBG proposes to sell a 12.78% stake.”

Specific financial details were not disclosed. The shares were allotted on May 13. Based on that day's closing price of Rs 748.10 per share, the 3.21% stake would be worth about Rs 635 crore.

Shares of United Breweries closed 3.52% up to Rs 767.25 in on the BSE.