United Spirits rallies as CCI clears Diageo deal
Under the deal, Diageo would acquire up to 53.4% stake in Vijay Mallya-led United Spirits, one of the largest spirits firm, within five years.
United Spirits has rallied 6% to Rs 1,943 in opening deals after Competition Commission of India (CCI) has approved UK major Diageo Plc's proposed majority stake purchase in the company.
Under the deal, Diageo would acquire up to 53.4% stake in Vijay Mallya-led United Spirits, one of the largest spirits firm, within five years.
“Approving the deal, CCI in an order dated February 26 said the proposed combination is not likely to have an appreciable adverse effect on competition in India,” the PTI report suggests.
The stock opened at Rs 1,885 and touched high of Rs 1,999 on BSE. A combined 528,551 shares have changed hands on the counter on BSE and NSE.
Under the deal, Diageo would acquire up to 53.4% stake in Vijay Mallya-led United Spirits, one of the largest spirits firm, within five years.
“Approving the deal, CCI in an order dated February 26 said the proposed combination is not likely to have an appreciable adverse effect on competition in India,” the PTI report suggests.
The stock opened at Rs 1,885 and touched high of Rs 1,999 on BSE. A combined 528,551 shares have changed hands on the counter on BSE and NSE.