Mumbai: Vijay Mallya’s United Breweries Holdings has made an open offer for an additional 20% stake in Air Deccan in which it has already acquired 26% for Rs550 crore.
The offer for additional 20% stake in the low cost airline opened on Wednesday and would close on October 1, United Breweries said in a filing to the Bombay Stock Exchange.
The UB-group company proposes to acquire over 2.71 crore fully paid up equity shares of the face value of Rs10 each representing 20% of the equity share capital of Air Deccan, pursuant Securities and Exchange Board of India Regulations.
“The size of the offer has been revised in light of certain changes in the paid-up equity share capital of Air Deccan,” the company said.
Around 1,61,680 shares of Air Deccan were allotted pursuant to the exercise of Employees Stock Options Plans (ESOPs) on August 20 and August 27.
Accordingly the paid-up equity share capital of Air Deccan increased to 13.56 crore shares from 13.54 crore shares of Rs10 each.
Consequently, in compliance with SEBI regulations, United Breweries has revised the size of the open offer to 20% of the increased share capital, which amounted to 27,126,360 fully paid equity shares of Rs10 each.
As per the original schedule, the offer was scheduled to open on July 25 and was supposed to close on August 13.
Kingfisher Radio Ltd along with United Breweries (Holdings) Ltd and UB Overseas Ltd has made this open offer to Air Deccan. Edelweiss Capital Ltd is the manager to the offer.