India’s beer maker, United Breweries Ltd, is to acquire a stake in rival company, Herbertsons Limited, according Indian press. A targeted stake is to be bought from Kishore Chhabria. “Stocks of Herbertsons today closed 19.92 % higher at Rs 58.70, a 52-week high, on reports that UB chief Vijay Mallya was keen to acquire Kishore Chhabria’s stake in the company. More than 200 shares of Herbertsons were traded on the BSE today. There have been rumours that Vijay Mallya was negotiating with the Chhabrias to buy their stake in Herbertsons after the Securities Appellate Tribunal (SAT) ruled in favour of the Chhabrias in the Herbertsons case. The stock market tribunal permitted Kishore Chhabria, younger brother of Manu Chhabria, to make an open offer for shares of Herbertsons.”

08 August, 2003