The Hindu Business Line : UB Holdings transfers equity in Aventis to subsidiary

In a block deal on Friday, UB Holdings sold 9.98 per cent of its equity-shares in Aventis Pharma to Variegate Trading Ltd, (recently renamed as Kingfisher Radio Ltd). The deal size was Rs 852 crore and was transacted on the BSE at Rs 1,854 per share. Ambit Capital Pvt Ltd executed the deal.

The UB Group Chief Financial Officer, Mr Ravi Nedungadi, told Business Line that the transfer of equity was part of the overall restructuring undertaken by the company.

UB Holdings will be the investment arm of all the beverage investments, while Variegate would hold the investments for other sectors, he said, explaining the rationale behind the transfer.

There could be some incidental tax savings as a result, he admitted.

Mr Manish Kanchan, Chief Executive Officer of Ambit Capital, said that there was no cause for concern as the investments remain within the group.

Part of the Ambit RSM group, Ambit Capital has in the span of one month executed large block deals with placement of 10.16 per cent equity of Herbertsons Ltd (including 9.98 per cent equity placement to an FII), a note from the company said.

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