United Breweries Holdings (UBHL) has pledged more shares in its flagship company, United Spirits, taking the total pledging to 97.32% of its shareholding in the liquor firm. It had pledged 1.28 million shares on June18 out of its total shareholding of 23.57 million shares, it stated in a filing to the BSE. While 91.87% of UBHLs shares in the company were under pledge as on March 31, the latest pledge increases that figure to 97.32%. As of March 31, UBHL held 18.03% stake in United Spirits while another promoter group firm, Kingfisher Finvest, held 9.69% stake. United Spirits currently has a net debt of R7,772 crore, a large part of that coming from its acquisition of Scotch whisky company, Whyte and Mackay, in 2007.
Nomura halves CEO pay in bid to close insider probe
Nomura Holdings admitted to widespread failures in protecting confidential client information on Friday and will slash pay for top executives and shut down an equity sales operation for a week as Japans largest brokerage tries to resolve a damaging insider trading probe. Nomura said CEO Kenichi Watanabes pay would be halved for six months to take responsibility for the brokerages third insider trading scandal since he took the helm four years ago. The announcement confirmed the terms of a Reuters report late on Thursday. The broker also said two executive officers, one in charge of institutional sales and the other the head of compliance, would be stepping down after employees were found to have tipped off clients ahead of three planned share offerings Nomura underwrote in 2010. Those clients then traded on that information in a violation of insider trading laws.
Usha Narayanan retires from Sebi after 21 years
Usha Narayanan, one of the longest-serving executive directors with Sebi, retired on Friday. She was in charge of the corporate finance department that looks at public issues, listing and corporate restructuring (M&A). She was also responsible for managing policies related to disclosure in offer documents and continous listing requirements. The only female ED among the current lot of six, Narayan joined Sebi in 1991 and has worked in various divisions, including foreign institutional investors, investigation and market intermediaries department.