Companies

Diageo raises stake to 55.2 per cent in United Spirits

Our Bureau Bengaluru | Updated on August 22, 2019 Published on August 22, 2019

Diageo has said it has acquired a further 3,310,515 shares (0.46 per cent shareholding) in United Spirits Ltd at a per share price of ₹591.95. The shares were purchased on the Bombay Stock Exchange and takes Diageo’s controlling shareholding position to 55.2 per cent of USL. The recovery official of the Debt Recovery Tribunal was the seller of the share.

“USL is a highly strategic asset for Diageo and positions the company well to capitalise on opportunities within India, one of the most exciting growth markets in the world for total beverage alcohol,” the statement from the company said.

During Diageo’s fiscal 2019, USL’s organic net sales increased 8 per cent, with growth from the ‘Prestige and Above’ segment up 12 per cent, led by double digit growth in Scotch.

Published on August 22, 2019
This article is closed for comments.
Please Email the Editor