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.
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.
The university will house a fully equipped pilot training centre.
In all, 4.2 million shares were sold during the quarter.
Five years after the Dutch brewer took 37.4% in Vijay Mallya's UB, it has bought another 1.35%.
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.
While Raghunathan is a named accused in the CBI's case registered in October last year, Nedungadi had resigned recently from the post of CFO of the UB group.
Move comes as huge provisions for bad loans push loss to Rs 4,488 crore.
The results are required to be disclosed by listed companies on stock exchange platform for benefit of investors.
UB Group chief Vijay Mallya on Thursday confirmed that the group's bid for Shaw Wallace had turned out to be the highest of the three received and added that the ball was now in the sellers' court.
The company hiked its loan limit to the debt stricken carrier to Rs 750 cr from Rs 300 cr.
UBS India, the domestic franchise of Swiss banking major UBS Group which last month surrendered its banking licence, has started laying off around 50 people, who are affected by the decision.
Sebi on Friday barred fugitive businessman Vijay Mallya from the securities markets and restrained him from associating with any listed firm for three years in the matter of routing of funds to the Indian securities market using overseas bank accounts with UBS AG. The Indian government has been attempting to extradite Mallya from the United Kingdom to face fraud charges related to his now-defunct company Kingfisher Airlines. Mallya has been living in the United Kingdom since March 2016.
The company's exposure relating to Kingfisher Airlines is under various accounts including corporate guarantees to banks.
The acquisition is likely to be followed by the merger of Shaw Wallace & Company with group flagship United Spirits.
"They have beer business in India, which has a conflict of interest as Kingfisher is the largest beer brand in the country. I am ready to buy back," Mallya said in Baramati while opening United Spirits' Baramati Four Seasons winery. Earlier in January, a consortium of Carlsberg and Heineken had acquired S&N for 7.5 billion pounds. S&N had 37.5 per cent stake in the UB Group. As per the takeover agreement, Heineken was supposed to continue to hold S&N's business in the UK.
The UB group may introduce a format of lounge bars where it will sell multi-branded merchandise and invest nearly Rs 8-10 crore (Rs 80-100 million) in each of the stores.
In a move that could change the sweepstakes in the Indian beer market, brewing giant SABMiller plans to acquire rival Scottish & Newcastle in a $12.8 billion deal, the Sunday Express said on Sunday.
Most analysts, who have long stopped covering UB stocks because of continuing troubles, were surprised to see a sudden spike of up to 20 per cent in their share prices on Tuesday.
The offer, which is being managed by Edelweiss Capital, was scheduled to open on Wednesday and close on August 13.
It said a meeting would be held with the airline's management soon.
In a disclosure to the markets, United Spirits has said it is awaiting information from UB Holdings for determining the treatment in the company's accounts of the loan together with applicable interest accrued until March 31, 2014.
UB Group's Four Seasons Wines announced on Friday that it would offer equity participation to its local partners and farmers for its new project at the Four Seasons Winery in Baramati
Shaw Wallace & Company Ltd, acquired by UB Group, would be merged operationally with the spirits business of United Spirits, chairman of the company Vijay Mallya said.
United Breweries is planning to set up three greenfield breweries in the country, including a large unit in Rajasthan, a top official of the company said on Friday.
Market regulator SEBI -- the Securities and Exchange Board of India -- had also given its consent to the agreement between the parties but had put certain conditions.
The battle for the takeover of MCFL has been going on for one year.
Liquor baron Vijay Mallya said on Wednesday that his UB Group will overtake Diageo as the world's largest spirits maker by the next fiscal. "This (fiscal) we will be selling 102 million cases of nine litres each. Next year we will be the single largest spirits company in the world," Vijay Mallya said.
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