INDIA: United Spirits to offload United Breweries stake
United Spirits is set to become majority-controlled by Diageo
In a regulatory filing yesterday (7 January), it was revealed that United Spirits has pledged to dispose of its 3.21% share in UB Group's brewing division. The spirits division of UB Group holds 8.5m equity shares in United Breweries.
Financial details of the transaction were not disclosed.
Yesterday, it emerged that Diageo's bid to buy 26% of United Spirits' public shares, as part of a deal to take a controlling stake in the Indian firm, has been delayed. However, the UK group said it still expects the deal to complete in Q1 this year.
Shares in UB Group were today down by 1.15% at INR894.65.
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