BackMallya: Faltering fortunes
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10 Nov 2012, 12:05 AM IST
Diageo has agreed to buy a 53.4% stake in USL for a total consideration of `11,100 crore
Premium(AFP)
Bangalore: Diageo Plc, the world’s largest spirits maker,has agreed to buy a 53.4% stake in United Spirits Ltd (USL) for a total consideration of ₹ 11,166.5 crore.
London-based Diageo will acquire 19% promoters’ stake at a cost of £660 million; it will issue fresh equity equivalent to 8% and will make an open offer that will take its stake to a majority holding. The deal was announced after the close of market trading in Mumbai.
The promoters will be left with a 14% stake after the deal.
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Published: 09 Nov 2012, 06:07 PM IST
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