United Breweries today said its benefit trust had sold its entire shareholding, constituting 2.36% of paid-up equity in the company, to the 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% of UBLs paid-up equity capital to high quality institutional investors, United Breweries Ltd (UBL) said in a filing to the Bombay Stock Exchange (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, Millennium Alcobev 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% from the previous close