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A committee of Independent Directors of United Spirits has said that Diageo's offer of Rs 3,030 per share of United Spirits through an open offer to acquire an additional 26% is fair and reasonable.
The open offer is scheduled to begin on June 6, 2014.
Diageo currently has close to 29% in United Spirits and if the open offer sails through in totality, Diageo will be holding close to 55% stake and would have forked out a total of around Rs 18,000 crore for the same.
Diageo is making this open offer for the second time at Rs 3,030 per share after its first open offer during early 2013 at Rs 1440 per share failed as the stock of United Spirits had gained strongly.
The second open offer, if Diageo gets the full 26%, will cost them Rs 11,500 crore.
