UB to pick up stake in Karnataka Breweries

Mumbai: United Breweries Ltd (UBL) on Monday said it has raised its authorised share capital to Rs 280 crore from Rs 250 crore and will invest up to Rs 180 crore to pick up stake in Karnataka Breweries & Distilleries Pvt Ltd. The company has also made preferential allotment of securities to Scottish and Newcastle India Ltd (SNIL), it informed the Bombay Stock Exchange.

The board members of UBL in an EGM have allotted to SNIL 37.79 lakh equity shares of Rs 10 each at Rs 575 per share aggregating to Rs 17.32 crore.

The allotment to SNIL includes warrants convertible into 51.09 lakh shares of Rs 10 each at Rs 575 per share.