Mumbai, Sept 10: McDowell & Co along with Phipson Distilleries have made an open offer to the shareholders of Herbertsons to buy up to 43 lakh shares at a price not exceeding Rs 200 per share, a notice on the BSE website said on Wednesday. This would represent 45.2 per cent of the voting equity capital of Herbertsons.

UB Holdings has informed the exchange that the company has approved being a Person Acting in Concert (PAC) for the open offer.
The company’s board finalised the issue at its board meeting held on Tuesday. Kotak Mahindra Capital Company, a merchant banker, has been appointed as the manager to the offer.

The offer follows an earlier offer by the KR Chhabria group to buy a 20 per cent stake in Herbertsons, which already owns 49.07 per cent equity in the company. Bureau Report