The sale of shares in a United Breweries group holding company by promoter and chairman Vijay Mallya has raised eyebrows in financial circles for the low-key manner in which the shares were offloaded. Mallya is fighting to get Kingfisher Airlines, struggling under debt, back in air after employees unpaid since April struck work and India's aviation regulator raised questions on air-worthiness of its planes.
In the July-September quarter, three Mallya-controlled companies offloaded 8.41 per cent stake in United Breweries (Holdings), or UBH, thus paring their stake to 43 per cent. UB has at least 21 subsidiaries under it, according to its annual report, in a group with estimated revenues of some Rs 22,000 crore. The holding company's shares touched a 52-week high of Rs 155.90 each on Sep 27 on the National Stock Exchange from their 52-week lowest price of Rs 53.50. The rally was triggered by the reports that the world's largest distiller by value, Diageo, was buying a stake in United Spirits.
01/11/12 K R Balasubramanyam/Business Today
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In the July-September quarter, three Mallya-controlled companies offloaded 8.41 per cent stake in United Breweries (Holdings), or UBH, thus paring their stake to 43 per cent. UB has at least 21 subsidiaries under it, according to its annual report, in a group with estimated revenues of some Rs 22,000 crore. The holding company's shares touched a 52-week high of Rs 155.90 each on Sep 27 on the National Stock Exchange from their 52-week lowest price of Rs 53.50. The rally was triggered by the reports that the world's largest distiller by value, Diageo, was buying a stake in United Spirits.
01/11/12 K R Balasubramanyam/Business Today
