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The Cabinet Committee on Economic Affairs (CCEA) today gave its approval to M/s. Scottish & Newcastle India Pvt. Ltd. to either directly or through any of its overseas subsidiaries/affiliates SNIPL and/or SNIPL to increase its proposed holding in United Breweries Ltd. (UBL) from 26 per cent to 37.5 per cent of the post issue equity capital of UBL (including the 500 existing shares held by SNIPL) by way of proposed investment upto Rs.780.00 crore (US$ 177 million) in the form of equity shares and preference shares, in the following manner:
(a) Subscribing to 37,79,522 ordinary shares of UBL at a price of Rs.575 per equity share to be issued by way of preferential allotment;
(b) Subscribing to warrants convertible into 51,09,198 equity shares of UBL at a price of Rs.575 per equity share to be used by way of preferential allotment (the exercise of warrants is upon the total stake being equal to or less than 37.5 per cent);
(c) Acquiring upto a maximum of 43,20,025 equity shares of UBL at a price of Rs.575 per share from its existing public shareholders under an Open Offer in accordance with the SEBI(SAST) Regulations;
(d) Subscribing to 1,72,83,000, 3 per cent Series A Redeemable Preference Shares of Rs.100 each; and
(e) Subscribing to 74,07,000, 3 per cent Series B Redeemable Preference Shares of Rs.100 each.
After the acquisition of equity share capital, an additional FDI amounting of Rs.780 crore will be received in the country.
RK/HK/CS
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