UB arm makes open offer for Air Deccan

Bangalore: Kingfisher Radio, a wholly-owned subsidiary of United Breweries Holdings Ltd will make an open offer to shareholders of Deccan Aviation, which owns Bangalore-based low-cost carrier Air Deccan.
The open offer commencing July 25 will see Kingfisher Radio picking up 27 million shares at a price of Rs 155 per share. The offer is managed by Edelweiss Capital and would close on August 13. The open offer, in line with Sebi norms, follows the 26% preferential issue made by Deccan Aviation to UB Holdings.
On May 31, UB Holdings had announced acquisition of 26% stake in Deccan Aviation for Rs 546 crore. The company had made an initial investment of Rs 150 crores.
07/06/07 Economic Times

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Categories: Air Deccan Jun 2007, Kingfisher Jun 2007