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Mar 29, 2012 01:56 AM IST | Source: CNBC-TV18

Vijay Mallya may sell between 12-13% stake in UBL

Liquor baron and chairman of UB Group Vijay Mallya may sell between 12% and 13% stake in United Breweries (UBL). Heineken may look to acquire controlling stake in the company, reports CNBC-TV18.

Liquor baron and chairman of UB Group Vijay Mallya could be looking to offload 12-13% of his stake in United Breweries (UBL). Sources say Mallya and Heineken are in final stages of negotiations.

Heineken may look to acquire controlling stake. The deal could be valued around Rs 1,700 crore, reports CNBC-TV18, quoting sources

Mallya and Heineken could be working on an agreement on UBL stake sale. An announcement is expected shortly.

Currently, Heineken holds 37.5% stake in UBL and Mallya holds 23% stake in personal capacity. United Spirits Ltd (USL) and UB Holdings together own 14.71% stake in UBL. The balance is with the public.

Mallya stake sale will allow Heineken stake to go beyond 50%. Mallya will garner between USD 400-500 million, Rs 2,500 crore for 12-13% stake. The transaction will give control premium of Rs 800 crore to Mallya.

Meanwhile, sources indicated that USL and UB Holdings are unlikely to sell their stake.

When contacted, UB Group and Heineken refused to comment, saying they do not talk publicly about rumour and speculation.

At 13:37 hrs, UBL was quoting at Rs 548.40, up Rs 11.15, or 2.08%.

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