United Breweries shares fall after Heineken acquires additional 14.99% stake

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..

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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.

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