INDIA: United Spirits to sell stake in Pioneer Distilleries
United Spirits is selling a 7% sake in its subsidiary Pioneer Distilleries
United Spirits is set to sell around a 7% stake in its subsidiary Pioneer Distilleries through a one-day sale tomorrow (23 October).
The group is selling 935,982 shares in Pioneer, totalling INR45.49m (US$850,845), on the Bombay Stock Exchange, it announced late last week. The Vijay Mallya-headed group currently holds an 82% stake in Pioneer.
Last month, it was confirmed that the group is in talks with Diageo over the UK-based firm taking a stake in United Spirits, following long-running speculation.
Meanwhile, it emerged over the weekend that Mallya's airline, Kingfisher, has had its licence suspended after it failed to address the regulator's concerns about its financial situation.
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