UB group plans dotcom foray

UB officials say that the equity pattern in all the businesses will remain the same and there would not be any dilution of equity. An extra-ordinary general meeting (EGM) of the shareholders would be called to approve the new business plan.

In due course, UB will go in for a listing on the US stock markets and it has already undertaken an exercise to switch over its accounting system to the US GAAP. “In order to acquire brands abroad, we need hard currency. Hence, the US listing. We are planning a listing within the next two years,” officials add.

UB’s transformation from the old economy businesses to new economy has been expedited by the fall of its scrip across the bourses. While UB group chairman, Vijay Mallya is blaming the deteriorating market sentiments, he adds that the entire business restructuring is being done in order to enhance shareholders’ value. “I hope with this entire balance sheet clean up exercise, our companies will get a better valuation,” Mallya added.