Stocks

UB shares hit 52-week high on Diageo deal

PTI Mumbai | Updated on March 12, 2018 Published on November 09, 2012

bl26_bgkgp-Kingfisher-Diageo.ART_GH35FQ8LT.1+BL26_P1_MALLYA.2.jpg

United Spirits’ shares surged 6 per cent to 52-week high today following reports that the Vijay-Mallya led UB Group has reached a deal with the world’s largest spirit maker Diageo for stake sale in the company.

After opening strong, the scrip further jumped 6 per cent to Rs 1,425 — its highest level in a year on the BSE. On the NSE too, the scrip gained 6 per cent to touch a 52-week high of Rs 1,425.

As per news reports, the deal will be announced today. In September, United Spirits had confirmed that it was in talks with the UK-based Diageo Plc for a stake sale.

“United Spirits and Diageo Plc confirm that the UK-based company is in discussion with it and United Breweries Holdings in respect of possible transactions to acquire an interest in the liquor firm,” United Spirits had said in a filing to the BSE.

United Spirits is the world’s second largest spirits maker after Diageo and markets various liquor brands including Signature, Bagpiper, Antiquity, Royal Challenge, and Signature in the country.

Mallya-led United Breweries Holdings Ltd, the promoter of USL, holds 18.03 per cent stake as on September 30.

Published on November 09, 2012
null
This article is closed for comments.
Please Email the Editor