Hoechst completes buying out UB Gr stake from Aventis1 min read . Updated: 31 Mar 2010, 03:36 PM IST
Hoechst completes buying out UB Gr stake from Aventis
Mumbai: Aventis Pharma on Wednesday said its promoter firm Hoechst GmbH has completed acquiring an additional 10.27% in it to take its total holding to over 60%.
The share sale has been executed through a transfer between promoters, in which Hoechst purchased UB Group’s entire stake for a consideration of Rs414.11 crore.
In a communication to the Bombay Stock Exchange, the company said Hoechst GmbH has acquired 23.66 lakh equity shares of face value of Rs10 each through inter se transfers between the promoters.
Post acquisition, Hoechst GmbH’s share in the firm has increased to 60.37% from 50.10% earlier.
Earlier, Vijay Mallya-promoted UB Group had said that it is exiting from Aventis Pharma and use proceeds from Aventis share sale to repay debt at United Breweries Holding Ltd.
UB Group’s four entities — United Breweries (Holding), Kingfisher Finvest India, McDowell Holdings and Mallya Pvt Ltd — were promoters of Aventis along with Hoechst GmbH, a wholly-owned subsidiary of Sanofi Aventis.
They sold the shares at a price of Rs1,750 per scrip.
Aventis Pharma shares were trading at Rs1,802.10, down 0.11% on BSE in afternoon trade.