United Spirits soars post Diageo deal

United Spirits has soared 15 % to Rs 1,559 in opening deals on the Bombay Stock Exchange after British liquor giant Diageo Plc have made an open offer to acquire 26% shares held by the public at price of Rs 1,440 per share.               

On Friday, Diageo has agreed to buy 27.4% in the Vijay Mallya-owned liquor company. Post an open offer for 26%, Diageo will own 53.4% in United Spirits that will involve a total payout of Rs 11,166.5 crore.

The stock opened at Rs 1,400 and hit a low of Rs 1,376 on the BSE. A combined 4.3 million shares have already changed hands on the counter in opening trades against an average 6.2 million shares that were traded daily in past two weeks.