UB awaits SEBI nod for picking 20 pc more in Deccan

Mumbai: Vijay Mallya-led UB Group, which has acquired 26 per cent in Deccan Aviation Ltd, on Wednesday, said its open offer for picking up an additional 20 per cent stake in the airline has been delayed as it is awaiting SEBI's nod.
The offer, which is being managed by Edelweiss Capital, was scheduled to open today and close on August 13.
"Observations in terms of SEBI regulations are yet to be received from SEBI and are awaited. In view of the same, the schedule of activities announced earlier shall be required to be revised," Deccan Aviation said in a filing to the Bombay Stock Exchange (BSE).
The revised schedule of activities would be announced shortly upon receipt of observations from SEBI, the company added.
Kingfisher Radio, a wholly-owned subsidiary of United Breweries Holding Ltd, has made an offer for acquiring 2.70 crore shares of Deccan Aviation at a price of Rs 155 per share.
25/07/07 PTI/Economic Times

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Categories: Air Deccan Jul 2007, Kingfisher Jul 2007