Lender invokes United Spirits’ pledged shares

Apr 12 2014, 03:51 IST
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SummaryLiquor firm United Spirits on Friday said that four lakh shares pledged by one of its promoters Kingfisher Finvest India has been invoked by a lender.

Liquor firm United Spirits on Friday said that four lakh shares pledged by one of its promoters Kingfisher Finvest India has been invoked by a lender.

Post transaction, which took place on April 4, Kingfisher Finvest India stake in United Spirits has come down to 3.58%, according to a regulatory filing.

United Spirits has said that four lakh pledged shares were ‘‘unilaterally invoked’’ by a lender.

Based on April 4 closing price of 2,644.20 apiece, these shares would be worth over R105 crore.

In November 2012, world's largest spirits maker Diageo Plc had announced that it would pick up 53.4% stake in USL in a multi-structured deal for a total of R11,166.5 crore.

Diageo sells various popular brands, including Smirnoff Vodka and Johnnie Walker whiskey. United Spirits, which is India's top spirits maker, markets various liquor brands including Signature, Bagpiper, Antiquity and Royal Challenge.

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