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United Spirits hits record high on change of guard

On Thursday, Diageo acquired a 14.98% stake in United Spirits for Rs 3,135 crore through its subsidiary Relay B.V.

Read more on:    Diageo | United Spirits | Vijay Mallya
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is trading higher by 2% at Rs 2,609, extending its 18% rally in past four days, after drinks giant took control of the company on acquiring 25% stake in the company.

On Thursday, Diageo acquired a 14.98% stake in United Spirits for Rs 3,135 crore through its subsidiary Relay B.V. Diageo has acquired 21.77 million shares of United Spirits at price of Rs 1,440 per share on off-market-deal from promoters of teh company.

Before this, in May, Diageo had acquired a 10% stake through a preferential allotment and 0.44% in open after made to United Spirits shareholders.

“Pursuant to the sale of the sale shares, Diageo Plc and Relay B.V. will be considered ‘promoters’ of the company,” United Spirits said in a regulatory filing.

United Breweries (Holdings) Limited and Kinghfisher Finvest India, which collectively hold 11.08% stake, will also continue as promoters of the company, it added.

The stock opened at Rs 2,620 and hit a record high of Rs 2,626 on BSE. A combined around 1 million shares have changed hands on the counter till 1140 hours on BSE and NSE.

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