Diageo to pick 50% in Mallya’s South Africa beer co for $36 m
fe Bureau: Bangalore, Jan 29 2013, 03:29 IST
twice. Diageo had received shareholder approval last month for a preferential allotment of shares in USL, which would take its holding in the company to 27.4% including the stake purchased from the promoters. The allotment triggers a mandatary open offer to the public shareholders.
Shares of USL have been trading at a premium to the offer price of R1,440 per share since the deal was announced on November 9. Shares of USL closed at R1,841.30, up 2.84% on the BSE on Monday.
Mallya's UB Group, which is hard-pressed for funds to save its floundering carrier, Kingfisher Airlines, is expected to net R2,400 crore from the USL stake sale.
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