Companies

UBL Benefit Trust sells entire UB stake for Rs 285 cr

PTI New Delhi | Updated on July 11, 2011

United Breweries today said its benefit trust has sold its entire shareholding, constituting 2.36 per cent of paid-up equity in the company to select institutional investors for Rs 285 crore.

UBL Benefit Trust has sold its entire shareholding comprising 60,07,413 equity shares held in the company constituting 2.36 per cent of UBLs paid-up equity capital to high quality institutional investors, United Breweries Ltd (UBL) said in a filing to BSE.

As the company is the sole beneficiary of the Trust, these proceeds will ultimately accrue to UBL, it added.

“The said shares were allotted in terms of the Scheme of Amalgamation of Associated Breweries and Distilleries Ltd, Millennium Alcobev Pvt Ltd and Empee Breweries Ltd into the company approved by the Hon’ble High Courts of Karnataka and Madras,” it said.

The placement of shares were executed in the stock exchanges today, UBL added.

Shares of United Breweries were today trading at Rs 511.60 in the afternoon trade on BSE, up 3.30 per cent from the previous close.

Published on July 11, 2011

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