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Our Bureau

Mumbai, Oct. 1 United Breweries Holdings (UB Holdings) has received 35 million shares through the open offer for Deccan Aviation as against the targeted 27 million to make for the additional 20 per cent stake in Air Deccan.

UB Holdings, the parent company of Kingfisher Airlines, had earlier acquired 26 per cent stake in Deccan Aviation for Rs 550 crore at Rs 155 per share, through a preferential offer of shares by the company. Post-preferential offer, UB Holdings became the largest shareholder.

“The offer would be accepted at pro-rata basis,” a company official from UB group said on Monday. The offer opened on September 12 and closed on October 1.

Earlier, the Chairman of UB Holdings, Dr Vijay Mallya, told newspersons on the sidelines of a press conference that “as per the information till Friday, of the 27 million plus shares that we need to acquire we have received in excess of 30 million shares.”

On Monday, Deccan Aviation closed at Rs 148.75 with a gain of 1.71 per cent and UB Holdings’ at Rs 956.45 with a gain of 1.04 per cent.

More Stories on : Open Offers | Mergers & Acquisitions | Airlines

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Deccan Aviation shareholders tender more to open offer

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