Setting the tone for the proposed merger of its four spirits companies, Vijay Mallya’s United Breweries (UB) is gearing up for an open offer for the remaining 7 per cent stake in Herbertsons before de listing the company from the stock exchanges, according to the media reports.
The UB group increased its stake to 93 per cent in Herbertsons in March after it bought 49 per cent in a Rs 131 crore deal with Kishore Chhabaria in March 2005. Herbertsons, the owner of the largest whiskey brand in the country, Bagpiper, is a major player in the domestic spirits market.
A senior UB official in an interview to a news paper said,``As per the SEBI guidelines we have to go for an open offer to acquire the remaining 7 per cent stake in Herbertsons through a reverse book building process. We will announce the open offer some time in June.’’
