United Breweries share price paired gains after opening in the green on June 23, a day after CCI okayed Heineken's additional equity stake acquisition in the company.
According to CNBC-TV18, around 3.96 crore shares of United Breweries traded on BSE at Rs 1,471.25 per share. Heineken is likely to have acquired an additional 14.99 percent stake via a block deal.
The Competition Commission of India (CCI) on June 21 said it has approved Heineken International BV's proposed acquisition of an additional equity stake in United Breweries Ltd (UBL).
Also Read: CCI okays Heineken's additional equity stake acquisition in United Breweries
The approval, however, is subject to the outcome of certain court proceedings, a combination notice filed with the Competition Commission of India (CCI) noted.
'The proposed transaction relates to HIBV's potential acquisition of additional equity stake in UBL,' it said.
Currently, Heineken has a 46 percent stake in United Breweries which may increase further. Heineken may bid for the entire stake.
Foreign broking house UBS has kept neutral rating on the stock with a target at Rs 1,500 per share. "Heineken is likely to consolidate stake in the company as its stake could potentially increase to 62 percent. The benign regulatory environment is going to aid volumes in H2," it added.
The stock was trading at Rs 1,427.50, down Rs 29.20, or 2.00 percent at 11:09 hours. It has touched a 52-week high of Rs 1,497.65. It has touched an intraday high of Rs 1,497.65 and an intraday low of Rs 1,410.90..
Catch all the market action on our live blog
Heineken got an open offer exemption from SEBI to buy an additional 14.99 percent stake in the company from the Bangalore debt recovery tribunal.
Disclaimer: The above report is compiled from information available on public platforms. Moneycontrol advises users to check with certified experts before taking any investment decisions.Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.