UB Group`s open offer oversubscribed

Mumbai: Business tycoon Vijay Mallya's UB Group, which bought 26 per cent stake in Air Deccan early this year, is set to increase its holding in the low-cost carrier to 46 per cent as its open offer to buy shares from existing shareholders has been oversubscribed.
The UB Group received 35 million shares in the open offer as against 27 million shares it had offered to buy.
"With the offer being oversubscribed, UB Group, owner of Kingfisher Airlines, will buy the shares on a pro-rata basis, which meant that eight million shares would be rejected," a company spokesperson said.
UB Group had bought 26 per cent stake in Deccan Aviation, the company which runs Air Deccan, for Rs 550 crore in May.
01/10/07 Zee News

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Categories: Air Deccan Oct 2007, Kingfisher Oct 2007