UB's open offer to begin on Apr 18

Source: PTI

February 24, 2005 16:28 IST

Vijay Mallya-controlled UB Group's open offer for acquiring stake in liquor firm Shaw Wallace will begin on April 18, the manager to the offer said on Thursday.

The offer, as per SEBI regulations will open on April 18 and close on May 7, 2005, ICICI Securities informed the Bombay Stock Exchange.

Mallya bids for 25% stake in Shaw Wallace

ICICI Sec is manager to the offer on behalf of Mcdowell & Co, Phipson Distillery, United Spirits and United Breweries Holdings Ltd, it added.

UB Group had on February 22 announced its decision to acquire 25 per cent stake in Shaw Wallace for Rs 250 per share. Shaw Wallace had termed the action as "hostile".

If the open offer sails through, it would enable UB Group to negotiate for acquiring additional 55 per cent stake of Shaw Wallace.