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UB finally gets Herbertsons reins

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Our Corporate Bureau Mumbai
Last Updated : Jun 14 2013 | 3:50 PM IST
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.
 
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.
 
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.
 
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.
 
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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