United Spirits rose 3.07% to Rs 2,550.35 on BSE after Relay B.V., an indirect wholly-owned subsidiary of Diageo Plc, increased its stake in the company to 28.77% from 26.37% on BSE on Friday, 31 January 2014.
Meanwhile, the BSE Sensex was down 304.59 points, or 1.48%, to 20,209.26.
On BSE, so far 1.36 lakh shares were traded in the counter, compared with an average volume of 2.78 lakh shares in the past one quarter.
The stock hit a high of Rs 2,580 and a low of Rs 2,515.70 so far during the day. The stock hit a record high of Rs 2,816.35 on 10 January 2014. The stock hit a 52-week low of Rs 1,708.20 on 5 April 2013.
The stock had underperformed the market over the past one month till 31 January 2014, falling 5.09% compared with the Sensex's 3.10% fall. The scrip had underperformed the market in past one quarter, sliding 3.71% as against Sensex's 3.07% fall.
The large-cap company has an equity capital of Rs 145.33 crore. Face value per share is Rs 10.
On Friday, 31 January 2014, Relay B.V. bought 35 lakh shares of United Spirits (USL) at Rs 2,474.45 each on the BSE, whereas Oppenheimer Funds Inc sold 36.42 lakh USL shares at Rs 2,474.25 each via block deals.
Last year, Diageo had announced that it would pick up 53.4% stake in USL in a multi-structured deal.
As per an agreement reached between Diageo and the UB group in November 2012, Diageo agreed to acquire a 27.4% stake in United Spirits -- partly by acquiring shares directly from the promoter entities of the United Breweries group and partly by way of subscribing to a preferential share issue of United Spirits. The agreement triggered a mandatory open offer from Diageo to acquire additional 26% shares in United Spirits as per the Securities & Exchange Board of India's takeover norms.
Diageo's mandatory open offer to acquire an additional 26% in United Spirits at an offer price of Rs 1,440 per share closed on 26 April 2013. The company accepted bids for 58,668 shares as against proposed open offer size of 3.77 crore shares.
As on 31 December 2013, Relay BV held 3.83 crore equity shares, or 26.37% stake in USL.
USL's net profit surged 140.1% to Rs 94.27 crore on 8.2% decline in net sales to Rs 2038.66 crore in Q2 September 2013 over Q2 September 2012. The company unveils Q3 results on 13 February 2014.
United Spirits is the largest alcohol beverage company in India, having sold 123.70 million cases in the year ended 31 March 2013.
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