Asia Pacific Breweries (APB) has said that it has entered into an agreement with Jaipuria Beverages & Food Industries for acquiring 33 per cent stake held by the latter in its India-based joint venture APB-Pearl for Rs 13.46 crore.
Pursuant to the acquisition, APB-Pearl would become a wholly-owned subsidiary of the company, APB said in a statement posted on its website.
APB is the Singapore-based subsidiary of Dutch brewing giant Heineken.
"APB-Pearl will also redeem all the 75.1 lakh redeemable preference shares having a par value of Rs 10 each held by Jaipuria for Rs 7.5 crore in cash," the company said in a statement.
The purchase of shares will be funded through internal resources and is not expected to have any material impact on the consolidated earnings per share of the company and its subsidiaries for the current financial year, it added.
APB operates in India through a joint venture with CK Jaipuria promoted Jaipuria Food & Beverages Industries Pvt Ltd.
Meanwhile, CK Jaipuria and other stake holders in APB could not be contacted for the comment.
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