United Spirits pledges entire stake in United Breweries
07 Jan 2013
United Spirits Ltd (USL) has pledged its entire 3.21 per cent stake in United Breweries for an undisclosed amount. The UB group said in a regulatory filing that it has pledged 8.5 million shares in the group firm.
United Breweries did not disclose financial details of the transaction. However, the stock was ruling at around Rs926.50 on the stock markets.
The UB stock, however, fell 2.32 per cent to close at Rs905.05 on the Bombay Stock Exchange (BSE). The stock could raise a minimum of Rs750 crore even on the eroded price.
The pledging of shares comes after delays in Diageo's open offer for United Spirits, a part of liquor baron Vijay Mallya's diversified UB Group.
Mallya, meanwhile, is under pressure to revive his sunken aviation venture Kingfisher Airlines.
The open offer for 26 per cent in United Spirits was to start today, but has been postponed for want of final approval from market regulator SEBI.