United Spirits shares up 3% as Diageo ups stake to 29%

Feb 03 2014, 17:27 IST
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Diageo had acquired an additional 2.40 per cent stake in United Spirits for an estimated Rs 866 crore. Diageo had acquired an additional 2.40 per cent stake in United Spirits for an estimated Rs 866 crore.
SummaryUnited Spirits' stock ended the day at Rs 2,550.35, up 3.07 per cent, on the BSE.

Shares of United Spirits Ltd today rose three per cent after the UK-based global liquor giant Diageo acquired an additional 2.40 per cent stake in Vijay Mallya-led UB group firm.

United Spirits' stock ended the day at Rs 2,550.35, up 3.07 per cent, on the BSE. In intra-day trade, the scrip shot-up by 4.26 per cent to Rs 2,580.

At the NSE, the stock settled 2.85 per cent higher at Rs 2,543.80.

On Friday, Diageo had acquired an additional 2.40 per cent stake in United Spirits for an estimated Rs 866 crore through open market transactions.

Foreign fund house 'Oppenheimer Funds', an existing shareholder, sold 36.42 lakh shares (representing 2.5 per cent stake) of United Spirits in the open market for Rs 901.13 crore through bulk deals.

The shares have been acquired by Diageo through its group entity Relay BV, which purchased 35 lakh United Spirits shares, amounting to 2.40 per cent holding in the company.

At the end of last month, Relay BV held 26.37 per cent stake in United Spirits, which has now risen to nearly 29 per cent.

The shares were acquired at an average price of Rs 2,474.45 apiece, valuing the transaction at Rs 866.06 crore.

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