United Spirits has moved higher by 4% to Rs 2,806 after the company said it is planning to initiate a process of selling its UK-based unit Whyte and Mackay Ltd (W&M).
"The board proposes to initiate a process, based on the outline timetable provided under UK law in connection with the decision of the Office of Fair Trading, to explore a potential sale of W&M," United Spirits said in a filing to the BSE.
The board also approved the amalgamation of Term Distilleries Private Limited, a wholly owned subsidiary with the company and approval to the amalgamation of SW Finance Company Limited, a wholly-owned subsidiary with the company, it added.
The stock opened at Rs 2,723 and hit a 52-week high of Rs 2,813 on the NSE. A combined around 550,000 shares changed hands on the counter till noon deals on the BSE and NSE.
"The board proposes to initiate a process, based on the outline timetable provided under UK law in connection with the decision of the Office of Fair Trading, to explore a potential sale of W&M," United Spirits said in a filing to the BSE.
The board also approved the amalgamation of Term Distilleries Private Limited, a wholly owned subsidiary with the company and approval to the amalgamation of SW Finance Company Limited, a wholly-owned subsidiary with the company, it added.
The stock opened at Rs 2,723 and hit a 52-week high of Rs 2,813 on the NSE. A combined around 550,000 shares changed hands on the counter till noon deals on the BSE and NSE.
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