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SEBI exempts Heineken from making open offer for share purchase in UBL
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SME Times News Bureau | 22 Jun, 2021
Capital market regulator SEBI on Tuesday exempted Heineken International
B.V. from the obligation of making an open offer for acquiring
additional shares in United Breweries Limited (UBL).
The
Securities and Exchange Board of India (SEBI) had received an
application dated June 7 from Heineken International seeking exemption
from an open offer for additional UBL shares.
Heineken had sought
exemption from the applicability of regulations 3(2) and 3(3) of the
SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011
in the matter of its proposed acquisition of maximum number of
3,96,44,346 equity shares of UBL from the recovery officer of the
Bangalore Debt Recovery Tribunal, under whose custody the transfer
shares owned by the VJM Group are being held.
"I hereby grant
exemption to the proposed acquirer, Heineken International B.V., from
the obligation to make an open offer under regulation 3(2) read with
regulation 3(3) of the Takeover Regulations, 2011 with respect to the
proposed acquisitions of transfer shares in the target company viz.
United Breweries Ltd," said the order by issued S.K. Mohanty, a whole
time member of SEBI.
The development comes a day after the
Competition Commission of India (CCI) approved the additional equity
stake acquisition in United Breweries by Heineken International.
In
a tweet on Monday, the CCI said: "Commission approves proposed
acquisition of additional equity stake in United Breweries Limited by
Heineken International B.V."
HIBV is an investment holding
company and is itself not engaged in any business activity. It is a
direct/indirect shareholder for all non-Dutch companies that form part
of the Heineken Group.
The Heineken Group is an international
group of companies engaged in the production, manufacture, packaging,
distribution, marketing and sale of beer, non-alcoholic beer, cider and
cider-based beverages, and a range of other beverages.
UBL is a
public limited company incorporated under the Companies Act, 1956 and is
principally engaged in the manufacture, sale and distribution of beer
in India. Its shares are listed on the Bombay Stock Exchange Ltd and the
National Stock Exchange of India Ltd.
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