United Spirits (USL) is trading lower by 0.45% at Rs 2,772, in an otherwise strong market on the NSE after the company said it would sell Whyte & Mackay Group, a manufacturer of whisky, to the Philippines-based brandy manufacturer Emperador Inc for £430 million (Rs 4,345 crore). The benchmark CNX Nifty up 1.5% at 6,953 points.
The board of USL has decided to sell the entire issued share capital of Whyte & Mackay Group to Emperador UK, a subsidiary of Emperador, a unit of Alliance Global, the world’s largest maker of brandy.
The Vijay Mallya-led USL had bought Whyte & Mackay in 2007 for £600 million.
The share sale is subject to the conditions set out in a share sale and purchase agreement between United Spirits (Great Britain), Emperador UK and Emperador and an associated tax deed.
The stock opened at Rs 2,788 and touched a low of Rs 2,762 so far on the NSE. A combined around 30,000 shares changed hands on the counter in early morning deals on the NSE and BSE.
The board of USL has decided to sell the entire issued share capital of Whyte & Mackay Group to Emperador UK, a subsidiary of Emperador, a unit of Alliance Global, the world’s largest maker of brandy.
The Vijay Mallya-led USL had bought Whyte & Mackay in 2007 for £600 million.
The share sale is subject to the conditions set out in a share sale and purchase agreement between United Spirits (Great Britain), Emperador UK and Emperador and an associated tax deed.
The stock opened at Rs 2,788 and touched a low of Rs 2,762 so far on the NSE. A combined around 30,000 shares changed hands on the counter in early morning deals on the NSE and BSE.