Trilegal advises Heineken acquisition of additional 14.99% stake in UBL

Heineken got an open offer exemption from SEBI to buy an additional 14.99 percent stake in the company from the Bangalore debt recovery tribunal.
Trilegal advises Heineken acquisition of additional 14.99% stake in UBL

Heineken has acquired 14.99% of UBL’s shares from the Recovery Officer, DRT Bangalore, through the block deal window of the BSE, taking their shareholding from 46.5% to 61.5%.

These shares were previously owned by Vijay Mallya’s group companies.

The sale was triggered by the Recovery Officer of the DRT Bangalore by way of a sale proclamation, giving potential purchasers just 15 days to conclude the transaction.

Trilegal advised Heineken in obtaining the prior approval of the CCI by filing a form II (long form application), as well as an exemption from SEBI from the requirement to make an ‘open offer’ under Regulations 3(2) and 3(3) of the Takeover Code.

The Trilegal team was led by Partners Sridhar Gorthi and Shruti Rajan along with Counsel Deep Choudhuri and Associates Arunima Singal and Riddhi Upadhyay.

The Competition law team comprised Partner and National Head of Competition Law Nisha Kaur Uberoi, Partner Gautam Chawla along with Counsel Shravani Shekhar; Senior Associate Sanjeev Sriram and Associates Akrathi Shetty, Samriddha Gooptu and Shloka Sah.

The Disputes Team was led by Partner Anuradha Agnihotri with Counsels Siddharth Ranade and Vividh Tandon and Senior Associates Manasa Sundarraman and R V Goutham along Associates Prakshal Jain, Kaazvin Kapadia, Adit Shah and Joseph Moses Parambi.

The Secretarial Team was led by Principal Consultant Rajesh Modani along with Senior Consultant Ashima Chhatwal and Consultant Ansif Latheef.

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