Diageo Plc, the world’s largest spirits maker has purchased 25.02% stake in Vijay Mallya-led United Spirits (USL) on completion of a share purchase deal announced last year. Although, its open offer to public shareholders of USL for an additional 26% stake between 10-26 April this year met with tepid response.
Last year, Diageo had announced that it would pick up 53.4% stake in USL in a multi-structured deal for a total of Rs 11,166.5 crore. Instead, it now has 25.02% stake in USL for a total consideration of Rs 5,235.85 crore.
Recently, Morgan Stanley acquired additional 11.80 lakh shares in United Spirit via markets/ pledge. Following this acquisition, Morgan Stanley’s stake in the company increased to 5.20% from 4.89%.
United Spirits is the largest spirits company in India and a flagship entity of $2 billion UB group. It manufactures wide range of whisky, vodka, rum and other spirits.
