United Breweries shares surge over 3% on bourses

PTI Updated - March 13, 2018 at 10:45 AM.

Shares of the Vijay Mallya-owned United Breweries today surged over 3 per cent, after the company said Heineken UK Ltd has acquired a 3.21 per cent stake in it.

After soaring 6.32 per cent to Rs 788 in intra-day trade, the stock finally ended at Rs 767.25, up 3.52 per cent from its previous close on the BSE.

At the NSE, the scrip settled 2.92 per cent higher at Rs 764, in an overall strong stock market.

Tracking gains in the stock price, the market value of the company moved up by Rs 690 crore to Rs 20,286 crore.

United Breweries allotted over 84.89 lakh shares, representing 3.21 per cent, to Heineken UK Ltd — a shareholder of Scottish & Newcastle India Pvt Ltd (SNIPL), according to a regulatory filing with the BSE.

The acquisition is pursuant to the amalgamation of Scottish & Newcastle India with United Breweries, whereby SNIPL would cease to exist.

According to the scheme of amalgamation which came into effect from April 18, SNIPL ceased to hold 3.21 per cent in United Breweries.

Specific financial details were not disclosed.

These shares were allotted on May 13 and based on that day’s closing price of Rs 748.10 per share, the 3.21 per cent stake would be worth about Rs 635 crore.

Heineken UK is part of global liquor maker Heineken.

In the stock market, the BSE benchmark Sensex ended at 20,212.96, up 490.67 points or 2.49 per cent.

Published on May 15, 2013 10:59