The Hindu Business Line : United Breweries QIP issue priced at Rs 1,110/share

Bangalore, Dec. 7 United Breweries (Holdings) Ltd (UBHL), the holding company of the $10-billion Vijay Mallya Group, has priced its issue of equity shares under the Qualified Institutional Placement (QIP) route at Rs 1,110 per share. The company had launched the QIP offering on December 4 to mop up Rs 600 crore.

The QIP issue was subscribed by over 2.6 times. CLSA India Ltd acted as the sole global coordinator and book running lead manager for this offering. Ambit acted as the co-book running lead manager. This price is at par with the average closing price of the company for the past 15 trading days, a press statement from the UB Group said.

UBHL will issue 54,05,405 equity shares of Rs 10 each through this offering. Applications will be made to list the equity shares on the Bombay and Bangalore Stock Exchanges.

“The funds raised from the QIP issue will be used to meet UBHL’s funding requirements, including but not limited to paying portions of existing debt and making additional investments for our existing businesses directly or through the investee companies,” UB Group’s Chief Financial Officer, Mr Ravi Nedungadi, said in a statement.

“UBHL is the parent company of the UB Group and is its primary investment arm. Through its controlling stakes in market leaders like United Spirits, United Breweries, Kingfisher Airlines and Deccan Aviation, it is a key player in the fast growing consumer space,” Mr Nedungadi pointed out.

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