Diageo PLC announced that they have acquired a 25.02 % stake in Vijay Mallya-led United Spirits Ltd (USL). This acquisition was made through the completion of a share purchase deal.
Diageo representatives said in a statement, "Diageo has completed the acquisition of a further 14.98 per cent stake in USL...the consideration was Rs 1,440 per share and the total consideration of Rs 3,134.56 crore has been settled today."
Last year, Diageo announced their intent on picking up a 53.4 % stake in USL through a multi-structured deal.
Last May 27th, Diageo had a preferential allotment of new shares in USL amounting to 10 per cent of the post-issue enlarged share capital. The total consideration was set for Rs 2,092.71 crore. In a separate transaction, Diageo acquired 58,668 additional USL shares in the tender offer for a total consideration of Rs 8.57 crore.
Diageo PLC is an English multinational alcoholic beverage company and is ranked the largest producer of spirits and is one of the top producer for beer and wine. Company headquarters are in London.
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