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July 9, 2001
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Money > Business Headlines > Report July 9, 2001 |
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UB may park non-core unit holdings with FIIsReeba Zachariah The Vijay Mallya-controlled UB group, which is working towards becoming a focused alcohol beverage company in the medium term, may look at the option of placing its non-core businesses holdings with foreign institutional investors and mutual funds on a private placement basis. Ravi Nedungadi, president and chief financial officer of UB group said, "We do not rule out the option of placing our investments in Hoechst Marion Roussel, Aventis Corp Science India and Mangalore Chemicals & Fertilisers with FIIs and mutual funds on a private placement basis." "Any buyer benchmarks their purchases against stock prices. However, the stock prices of these companies are low due to the current depression in the markets," Nedungadi said. United Breweries has a debt of Rs 2.95 billion as of March 31, 2001, of which Rs 1.63 billion relates to the beer business. About Rs 450 million has to be repaid this fiscal. According to an IL&FS report, based on historical trends the maximum debt that the beer business can service is Rs 800 million. IL&FS also feels even if the group's projections are met the maximum debt that the beer business can service is Rs 1.25 billion. The UB group has appointed IL&FS and Deloitte Haskins Sells to provide a strategic approach to business and financial restructuring of UB. The group has a 11 per cent stake in HMR/Aventis CropScience and 35 per cent in Mangalore Chemicals & Fertilisers. Powered by YOU MAY ALSO WANT TO READ:
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