Promoters increase stake in United Breweries by 3.22%

The promoters of United Breweries ( UB) have increased its stake in the company by 3.22% following the amalgamation of several other entities, according to a notification issued to the stock exchanges.

Following this transaction, the promoters' holding in United Breweries now stands at 74.75%. This refers to 14 participants including United Spirits, Vijay Mallya, Scottish & Newcastle India and Heineken International who acquired 85 lakh shares of UB.

UB is maker of Kingfisher beer and Heineken beer in India.

This transaction was necessiated following the scheme of amalgamation sanctioned by the High courts of Karnataka and Madras, the company said in a stock exchange filing on Thursday.

The company had earlier announced the amalgamation of United Millenium Breweries, Millenium Beer Industries, UB Nizam Breweries, Chennai Breweries and proposed amalgamation of UB Ajanta Breweries into United Breweries. The allotment of equity shares as a result of most of these changes were intimated since November.

On December 9, in response to a query, the company submitted a filing stating that it was not aware of any reason for the increase in volumes of shares traded.

United Breweries stock closed at Rs 414.40, up 2.36% on Thursday trading.