United Spirits

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.

United Spirits records 140% rise in profits

United Spirits records 140% rise in profits

United Spirits Ltd has said that it has recorded a rise of 140 per cent in profits to Rs. 94.27 crore on a standalone basis during the second quarter of the financial year compared to the same quarter of the previous year.

The company had recorded a profit of Rs. 39.27 crore during the second quarter of the year. the company' s income from operations fell 8 per cent to Rs. 2,057.56 crore compared to Rs. 2,236.77 crore recorded during the same quarter of the previous year. The EPS stood at Rs 6.49 during the period compared to Rs. 3 recorded during the previous year.

United Spirits Ltd puts off talks with Diageo on stake sale

Vijay Mallya's United Spirits LtdVijay Mallya's United Spirits Ltd, the world's third-largest spirits maker by volume, has scrapped negotiations with British spirits major Diageo Plc. The company had also sold treasury stock, held by Shaw Wallace in June, raising about $200 million from the open 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.