India: United Breweries to raise Rs 425 cr through rights issue

United Breweries today said it would raise Rs 425 crore through issue of equity shares on rights basis to the existing shareholders, according to PTI, September 28.

In a filing to the Bombay Stock Exchange, the firm said the shares would be issued on rights basis and terms would be finalised by a committee of directors formed for this purpose. The decision has been approved by the shareholders.

The rights issue is also subject to statutory and other approvals.

The beer manufacturer intends to pump in Rs 475 crore during the current year to raise the capacity by 1.5 million hectolitres (18 million cases) by March 2008.

28 September, 2007