Indian private bank Yes Bank has offloaded its 3% holding in United Breweries.
The Rabobank-backed financial institution had held the US$116m stake, which was pledged by McDowell Holdings, a unit of the Vijay Mallya-led UB Group. The divestment was completed in mid-Deccember.
Earlier last month, Yes Bank sold 0.15% of United Breweries to Heineken on the open market. Heineken is the largest shareholder in United Breweries with 42.22%.
Mallya and his family members currently hold 34.04% of United Breweries through various companies, 15.57% of which has been pledged with various financial institutions.
In September, United Breweries further increased its Indian beer market share in the 12 months to the end of March to 52.5% from 51.3%.
Sectors: Beer & cider, Emerging markets – BRIC
Companies: Heineken, United Breweries Limited
