In a move to gain control over Herbertsons, liquor baron and Member of Parliament Vijay Mallya and his UB group are making a counter offer to the shareholders of Herbertsons.
This follows an open offer made by Kishore Chhabria to acquire an additional 20 per cent stake in Herbertsons.
The Mallya-controlled UB group companies McDowell & Company and Phipson Distillery, along with UB Holdings, as persons acting in concert, have made a offer to acquire 43 lakh fully paid equity shares of Herbertsons, representing 45.2 per cent of the outstanding equity capital at Rs 200 per share.
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The total outgo on the offer will amount to Rs 86 crore.
The group has appointed Kotak Mahindra Capital Company as the manager to the proposed open offer, which opens on November 3 and closes on December 3. Chhabria