United Spirits' stock down almost 3% on bourses
Mumbai: Shares of United Spirits closed almost three percent down Tuesday after the company said it will sell its UK-arm Whyte & Mackay for 430 million pounds (about Rs 4,360 crore) to Philippines-based Emperador.
USL's stock ended the day 2.79 percent lower at Rs 2,699.95 on the BSE. During intra-day trading, the scrip lost 2.96 percent to Rs 2,695.
At the NSE, the stock settled with a loss of 2.72 percent at Rs 2,701.95.
United Spirits will sell its UK-arm Whyte & Mackay for 430 million pounds (about Rs 4,360 crore) to Philippines-based Emperador in a bid to clear a regulatory hurdle related to Diageo's acquisition of the company formerly controlled by Vijay Mallya.
The United Spirits board had recommended that its indirectly owned subsidiary United Spirits (Great Britain) Ltd consider the sale of Whyte & Mackay Group to Emperador UK Ltd, a unit of Emperador Inc, "for an enterprise value of 430 million pounds", the company had said in a BSE filing on Friday.
"United Spirits (Great Britain) has approved the sale and entered into the sale and purchase agreement with Emperador UK and Emperador Inc," it had said.