Breaking News

You are here » Indian-Commodity  :  Equity & Shares  :  United Spirits scales new high as street cheers Diageo deal

12-Nov2012

United Spirits scales new high as street cheers Diageo deal

United Spirits is currently trading at Rs 1600.00, up by 240.30 points or 17.67% from its previous closing of Rs 1359.70 on the BSE.

The scrip opened at Rs 1400.00 and has touched a 52 week high of Rs 1619.00 and low of Rs 1375.55 respectively. So far 1297435 shares were traded on the counter.

The BSE group 'A' stock of face value Rs 10 has touched a 52 week high of Rs 1619.00 on 12-Nov-2012 and a 52 week low of Rs 450.00 on 12-Jan-2012.

Last one week high and low of the scrip stood at Rs 1619.00 and Rs 1152.05 respectively. The current market cap of the company is Rs 20984 crore.

The promoters holding in the company stood at 27.78% while Institutions and Non-Institutions held 51.12% and 20.76% respectively.

World's biggest spirits maker Diageo Plc has agreed to buy a 53.4 percent stake in Indian liquor baron Vijay Mallya's United Spirits for Rs 11,166.5 crore in a multi-structured deal, which may provide Vijay Mallya a breather from problems emanating from the grounded Kingfisher Airlines. The purchase would be the biggest inbound Indian M&A deal since British oil firm Cairn Energy Plc's sold a majority stake in its Indian business to Vedanta Resources Plc last year.

UK-based firm has entered into an agreement with United Breweries (Holdings) and United Spirits (USL) to acquire 27.4 per cent stake in USL, the top liquor company in India at Rs 1,440 per share aggregating Rs 5,725.4 crore.

The deal which is divided into parts would first see Diageo purchasing 19.3 per cent stake in USL from the UBHL group, the USL Benefit Trust, Palmer Investment Group and UB Sports Management (two subsidiaries of USL) and SWEW Benefit Company (a company established for the benefit of certain USL employees). In the second part, the company would then seek approval from USL shareholders for a preferential allotment to Diageo at a price of Rs 1,440 per share of new shares amounting to 10 per cent of the post-issue enlarged share capital of USL.

Further, Diageo will launch a tender offer to acquire a further 26 per cent stake in USL at a price of Rs 1,440 per share, thereby completing the acquisition of 53.4 percent stake.


Related News

View all news

Infosys trades higher on the bourses

Infosys is currently trading at Rs. 1112.05, up by 16.85 points or 1.54% from its previous closing of Rs. 1095.20 on the BSE.The scrip opened at Rs. 1089.95 and has touched a high and low of Rs. 1114.40......

Eros gains on joining hands with Excel Entertainment for worldwide rights of 'Rock On 2'

Eros International Media is currently trading at Rs. 488.00, up by 5.80 points or 1.20% from its previous closing of Rs. 482.20 on the BSE.The scrip opened at Rs. 478.50 and has touched a high and low......

Mindtree trades with traction on the bourses

Mindtree is currently trading at Rs. 1413.50, up by 17.70 points or 1.27% from its previous closing of Rs. 1395.80 on the BSE.The scrip opened at Rs. 1400.00 and has touched a high and low of Rs. 1425.00......

Top News

View all news

HDFC Bank, ITC, Infosys and Syngene International to see some action

HDFC Bank, India's second largest private bank, cut its base rate by 35 basis points to 9.35%, from the existing 9.70 percent, thereby making loans from the bank cheaper. Earlier in June, the bank had......

RBI governor finally buzzes to the demand, hints at rate cut

Reserve Bank of India (RBI) Governor Raghuram Rajan finally hinting for a rate cut has said that inflation has come down to the comfort zone quicker than expected and he is keeping a watch on......

RIL, ONGC and Lupin to see some action

Reliance Industries (RIL), owner of the world's biggest refining complex, imported nearly 25 percent more oil in July compared with the previous month, when it had slowed purchases due to a planned maintenance......