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United Breweries Ltd (UBL) on Monday said it has raised Rs 285 crore by placing treasury stock with long term institutional investors.
In a filing with the NSE, the country's largest beer maker, United Breweries said, its benefit trust, United Breweries Benefit trust sold its entire shareholding of 60,07,413 equity shares or 2.36 per cent of UBL's paid up equity capital on Monday.
Being the sole beneficiary of this trust, the proceeds of the sale of the shares will go to United Breweries. The treasury stocks were allotted from the merger of Associated Breweries and Distilleries, Millenium Alcobev and Empee Breweries.
UBL had earlier said that it will hold an extraordinary general meeting on July 27 to approve the amalgamation of Millienium Beer Industries, United Millienium Breweries and UB Ajanta Breweries with itself. Millenium Beer and United Millenium Breweries are subsidiaries of Millenium Alcobev while UB Ajanta Breweries is an equal joint venture between United Breweries Overseas and Heineken International BV.
UB shares closed at Rs 497 up by 0.35 per cent from the previous closing price.
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