United Spirits has entered into a definitive agreement for sale of its entire shareholding in its wholly owned subsidiary Tern Distilleries to Sri Balaji Impex (SNG) Pte., Singapore for Rs 30 crore.
The announcement was made after market hours yesterday, 14 October 2020. Shares of United Spirits fell 0.36% to settle at Rs 524 yesterday.
The purchaser, Sri Balaji Impex (SNG) Pte., Singapore is not a promoter or part of the promoter group of the company. Upon completion of the sale, Tern Distilleries will cease to be a subsidiary of the company, United Spirits said.
For the financial year ended March 2020, Tern Distilleries was a non-operative company and consequently did not have any turnover or operating revenue. It had an interest income of Rs 0.67 lakhs and a net worth of approximately Rs 13.42 crore representing 0.36% of United Spirits' consolidated net-worth.
United Spirits manufactures and distributes a variety of alcohols and spirits, including whiskey, brandy and rum. The company also manufactures Indian-made foreign liquor brands.
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