Sebi exempts open offer for Heineken's purchase of 15% stake in UB

Regulator allows special exemption as the shares are being acquired as part of an order of Debt Recovery Tribunal to recover dues from Vijay Mallya and his group companies

Market regulator Sebi has exempted Heineken International from making an open offer to the shareholders of United Breweries (UB) for its proposed acquisition of 15 per cent shares. Heineken is a promoter entity in UB and normally such an acquisition would have triggered an open offer. However, the regulator has allowed a special exemption as the shares are being acquired as part of an order of Debt Recovery Tribunal (DRT) to recover dues from Vijay Mallya and his group companies.

“I find that it would be apt to grant exemption to the acquirer from open offer requirements as laid down