Vijay Mallya's United Spirits (USL) has sold a significant share of 3.21% to Heineken that transforms all the decision-making rights of their United Breweries. Dutch-based brand Heineken, one of the leading names in the field now takes control of the brand Kingfisher with 42.1% total shares compared to USL's 32%, reports Times of India.
It has been reported that a single share costed Heineken ₹1,030 and the total transaction stands at 872 crores for 85 lakh shares.
It has been reported that a single share costed Heineken ₹1,030 and the total transaction stands at 872 crores for 85 lakh shares.
Mallya will not completely lose hold over the brand, still holding 32% shares. The trade was long expected one it seems with Mallya struggling to get his Kingfisher Airlines on its legs. Reports indicate that the sale was boosted by Mallya's fear of losing these shares to lenders of the airlines.
Heineken which had jointly owned USL in 2009 with 37.5 shares has slowly added another 2% with various trades as Mallya was raising money for his airlines. Now with another 3.21% in the bag, they can take control of the company whenever they want, the report further adds.
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