The Vijay Mallya-owned United Breweries (UB) group has finally got control over Herbertsons. Phipson Distillery, McDowell's wholly owned subsidiary, has acquired a 49.06 per cent stake in the third-largest spirits company for Rs 131.16 crore. |
The Herbertsons counter on the Bombay Stock Exchange today witnessed a block deal of 44.53 lakh shares at Rs 280.70 a share. |
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The shares were sold by Kishore Chhabria group of companies ""Stingray Traders, Shirish Finance & Investment, Darrel Traders, Algid Investment and Finance, Veneer Investment & Finance, Mahameru Trading, Beethoven Traders, Airedale Investment & Traders and IMFA Holdings. |
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The stock today closed at Rs 370, up by 19.35 per cent against its previous close of Rs 310 on the Bombay Stock Exchange. |
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With this transaction, the UB group holding increases to 92.21 per cent in Herbertsons. The UB group plans to consolidate its spirits business under one umbrella""United Spirits. The Bangalore-headquartered group's other spirits companies are vested in McDowell & Co and Triumph Distillers & Vintners. |
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Chhabria will get a total consideration of Rs 135 crore, including dividend of Rs 3.84 crore. He also walks away with BDA, that owns Officer's Choice whisky. |
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