Diageo

Diageo announces tender offer for up to 26% stake in USL

Diageo announces tender offer for up to 26% stake in USL

Advancing with its plan to gain majority control over United Spirits Ltd (USL), Diageo Plc on Tuesday announced its plans to launch a tender offer to buy up to 26 per cent more stake in the Indian distiller.

Diageo already holds 28.8 per cent stake in USL and if the just launched open offer is successful, its stake in the Indian firm will soar to more than 54 per cent.

Karnataka HC annuls sale of United Spirits’ shares to Diageo

Karnataka HC annuls sale of United Spirits’ shares to Diageo

The Karnataka High Court (HC) on Friday annulled the sale of United Spirits Ltd's more than 19 lakh shares to global spirits giant Diageo, in response to a winding-up plea filed against United Spirits by the group's creditors.

UK-based Diageo, the world's largest spirits maker, had purchased the shares for more than 472 crore in November last year.

Diageo Announces Offer for United Spirits

Diageo Announces Offer for United Spirits

Diageo Plc is expected to launch Rs 5,441-crore open offer to obtain a supplementary 26% in United Spirits from April 10. UK-based company has announced that the offer will end by April 26. Authorities concerned have announced that JM Financial Institutional Securities Pvt Ltd's offer price will remain at Rs. 1,440 per equity share.

In a filing to the BSE, it has been highlighted that shares of United Spirits on BSE were trading at Rs 1,769. This is three percent lower than the Mumbai market.

Diageo likely to buy 15% stake in USL

United Spirits (USL) the flagship conglomerate of Vijay Mallya, chairman of Kingfisher Airlines has announced that it is in discussions with the world’s major drinks company, Diageo, for a tie up including a minority stake sale.

According to the sources, Diageo could acquire 14.99 percent stake initially and enter the USL board with two representations, besides a distribution partnership in the Indian market.