UB Group goes under restructuring phase
Hyderabad, March 31, 2006
The UB Holdings, a Vijay Mallya managed company has sold its 9.98 per cent state in Aventis Pharma for Rs.852 cores to Variegate Trading Limited. Dr Mallya is non-executive chairman of Aventis India Limited. The 22,98,370 shares were sold in a block deal to Variegate Trading on the Bombay Stock Exchange at Rs.1854 per equity share said Mr.Manish Kanchan, CEO of Ambit Capital which executed the deal on Friday. While the shares have been purchased by Variegate, the benefits accruing from them like dividends and so on will be reflected in UB Holdings, which is a listed company.
The UB group has been in restructuring its entire business, following the acquisition of Shaw Wallace and Company, its biggest rival in the spirits business in March last year for Rs. 1300 crores, making the UB group the second largest spirits manufacturer in the world with 140 brands.
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