UB Holdings exits Aventis Pharma

Vijay Mallya-promoted United Breweries (Holdings) Ltd had completely pulled out of Aventis Pharma by selling its remaining 0.22 per cent stake in the company, a filing by Aventis Pharma said.

UB Holdings had sold 50, 000 shares of the company in a off-market sale and had raised Rs 7 crore from this transaction.

The company had earlier sold 10.27 per cent of its stake in Aventis at Rs 414 crore, as part of its plan to exit non-core business.

UB Group’s association with Aventis had begun during early 1960s, when Vijay Mallya’s father, Vittal Mallya, had joined hands with Hoechst AG Germany to co-promote the company, then called Hoechst Pharmaceuticals Ltd.