As part of the deal for purchase of 53.4 per cent stake in Vijay Mallya-led UB group's United Spirits Ltd, Diageo has made a Rs 5,441 crore open offer for purchase of 26 per cent stake in the company from non-promoter shareholders.
UB Group, which has raised close to Rs 1,500 crore (Rs 15 billion) debt for keeping Kingfisher Airline in the skies during the past two years, has raised another Rs 1,000 crore (Rs 10 billion) debt to fund the 46 per cent buy in Deccan Aviation.The debt for the 46 per cent buy in Deccan Aviation has been raised in two phases. In the first phase, for the 26 per cent negotiated deal for Rs 550 crore and the subsequent 20 per cent open offer which cost UB Group Rs 425 crore.
Though the UB Group chairman didn't name anybody, some of these associates could be the owners of Balaji Distilleries, whose breweries and distilleries were acquired by UB Group companies -- United Spirits and United Breweries -- during the last financial year.
Vijay Mallya, during the past two days, had ceded a marginal stake in it, allowing Heineken to be the single largest shareholder.
UB Holdings facing a slew of legal cases over its exposure to the loans of now-grounded Kingfisher Airlines and increasing pressure from a consortium of lenders, may be forced to seriously go ahead with the transaction this time.
Talks initiated with Indian investors, private equity players.
RBI, Enforcement Directorate to see if money was sent to tax haven
United Spirits Limited clocked sales volume of 100 million cases for the fiscal ended March 31, 2010, becoming the world's second largest spirit company by volumes, UB group chairman Dr Vijay Mallya,announced on Wednesday.
UB group's McDowell & Company has acquired up to 54.54 per cent stake in Shaw Wallace and Company from Chhabria's Jumbo World Holdings for over Rs 1,300 crore ($300 million).
A week after lenders invoked more of pledged shares, they did so again.
Kingfisher Airlines may cut jobs, UB group chairman and CEO Vijay Mallya said on Thursday.
Asked to quit United Spririts' board, Vijay Mallya struck a defiant note saying he 'intends' to continue as its Chairman.
Lenders to Kingfisher Airlines, led by State Bank of India, had moved courts to get residual rights over these shares after Srei recovered the collateral from the defunct Kingfisher Airlines, making it difficult for Srei to sell the shares, said a legal source.
The offer, open on April 10-26, was meant to acquire close to 38 million shares at Rs 1,440 a piece.
The battle for the takeover of MCFL has been going on for one year.
The move by United Spirits, the Rs 3,500-crore flagship spirits firm of the UB Group, to rope in Diageo as a strategic partner is taking more time than expected. Diageo, a global leader in spirits, is reported to have said it was yet to figure out a structure under which they could forge a strategic relationship with USL.USL has been actively involved in discussions with Diageo for nearly eight months now.
The aircraft was earlier owned by EIH (Oberoi group).
An open offer for acquisition of additional stake in a listed company can move forward only after issuance of 'observations' by Sebi.
The board of Deccan Aviation, India's largest budget carrier, will meet in Bangalore on Wednesday to consider the merger with the UB Group's Kingfisher Airlines, which bought a stake in the carrier recently.
The UB Group, which is an established leader in the Indian beer and spirits market, is aiming to replicate its success by addressing the wine market with its two companies - United Spirits and United Breweries.
In 2012, Diageo had paid Rs 3,635 cr directly to Mallya for his 19.3% stake in United Spirits.
Such an exit arrangement is commonly known in the business parlance as 'golden parachute' or 'sweetheart deal'
The US Federal Aviation Administration has yet to certify Epic's planes. The company manufactures private business jets with single and twin engines, capable of carrying six to seven people.
A case has been lodged against UB group chairman Vijay Mallya by farmers allegedly for forgery in the Patna district police on Thursday said.
Three days after the June 22 felicitation in New Delhi by BCCI, Kapil Dev and rest of India's 1983 World Cup winning team would revisit Lord's, where they had scripted the most memorable chapter in the history of Indian cricket 25 years ago.
Kingfisher Airlines, promoted by the UB Group, expects to get into the black in December. According to Ravi Nedungadi, president and CFO, UB Group, the airline has been driving in volumes and efficiencies which is likely to be reflected in the revenues this month.
Days after acquiring control of Air Deccan, Kingfisher Airlines Chairman Vijay Mallya now looks at rationalising the fleet of the two carriers and considering changes in the total fleet order of 90 aircraft.
The university will house a fully equipped pilot training centre.
San Fransisco and New York are touted to be the first destinations.
Ritu Mallya, step mother of Vijay Mallya, has joined the board of Mangalore Chemicals and Fertilisers.
The Vijay Mallya-promoted UB group has started examining the books of the Scotland-based Whyte & Mackay as a precursor to acquiring the foreign company for the reported pound 550 million
The tax authorities have been piling pressure for a long time against Mallya and on Kingfisher Airlines to cough up the dues.
The two giants of Indian football, Mohun Bagan and East Bengal, are facing turbulent times. On the pitch, East Bengal finished a respectable third in the 2012-13 I-League season, while Mohun Bagan finished a disappointing tenth.
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