United Breweries was down 1.18% at Rs 1284.10 after the company denied media reports suggesting that global beer maker Heineken may hike stake in the Indian company.
"We are not aware of the news item and its source, nor do we have any insight on the factual correctness of the information," United Breweries (UBL) clarified to the bourses after market hours on Tuesday, 24 December 2019.
The media reported that global beer maker Heineken may launch a voluntary open offer for 10-15% stake in UBL. Following the reports, the UBL stock closed 4.79% higher on Tuesday.
As of 30 September 2019, Heineken held 45% stake in UBL.
The UBL stock continues to trade above its 50 days simple moving average placed at 1252.92 and below its 100 days simple moving average placed at 1292.67.
UBL is engaged in the manufacture and sale of beer, including licensing of brands. The company offers a range of brands, such as Kingfisher Premium, Kingfisher Strong, Kingfisher Ultra, Kingfisher Ultra Max, Kingfisher Blue, etc.
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