The Securities and Exchange Board of India (SEBI) had received an application dated June 7 from Heineken International seeking exemption from an open offer for additional UBL shares.
Heineken had sought exemption from the applicability of regulations 3(2) and 3(3) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 in the matter of its proposed acquisition of maximum number of 3,96,44,346 equity shares of UBL from the recovery officer of the Bangalore Debt Recovery Tribunal, under whose custody the transfer shares owned by the VJM Group are being held.
"I hereby grant exemption to the proposed acquirer, Heineken International B.V., from the obligation to make an open offer under regulation 3(2) read with regulation 3(3) of the Takeover Regulations, 2011 with respect to the proposed acquisitions of transfer shares in the target company viz. United Breweries Ltd," said the order by issued S.K. Mohanty, a whole time member of SEBI.
The development comes a day after the Competition Commission of India (CCI) approved the additional equity stake acquisition in United Breweries by Heineken International.
In a tweet on Monday, the CCI said: "Commission approves proposed acquisition of additional equity stake in United Breweries Limited by Heineken International B.V."
HIBV is an investment holding company and is itself not engaged in any business activity. It is a direct/indirect shareholder for all non-Dutch companies that form part of the Heineken Group.
The Heineken Group is an international group of companies engaged in the production, manufacture, packaging, distribution, marketing and sale of beer, non-alcoholic beer, cider and cider-based beverages, and a range of other beverages.
UBL is a public limited company incorporated under the Companies Act, 1956 and is principally engaged in the manufacture, sale and distribution of beer in India. Its shares are listed on the Bombay Stock Exchange Ltd and the National Stock Exchange of India Ltd.