Sebi may probe into UB stake sale for suspected violation of trading norms: Report

Subscribe to GoodReturns

Sebi may probe into UB stake sale: Report
The Securities and Exchange Board of India (Sebi) may probe the reduction in United Breweries Holdings Ltd's (UBHL) promoters holding to 43.09 per cent from 51.5 per cent during September quarter, as it suspected that market intermediaries may have played a role in the dilution of the stake, said a media report.

The report said that market regulator may probe to find out whether promoters or management at UBHL and Kingfisher Airlines used price-sensitive information to indulge into trading and act as 'markets'.

Reports said that Sebi may launch an enquiry as soon as it finds out any prima facie evidence against the company.

UBHL's filing with stock exchange showed that LKP Finance bought a stake of 7.36 per cent when the promoters of Mallya led group reduced their holding by 8.41 per cent. LKP Finance, a listed NBFC, has not communicated this through any filing or release giving rise to doubts in the deal.

Global Dion Solutions Ltd

Read more about: united breweries holdings
Story first published: Monday, November 5, 2012, 9:31 [IST]
Please Wait while comments are loading...
Company Search
Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

Thousands of Goodreturn readers receive our evening newsletter.
Have you subscribed?