![#](www.e-malt.com/images/left_top_corner16x200.gif) | E-Malt.com News article: India: Diageo completes acquisition of stake in United Spirits Ltd.![Whisky news](https://e-malt.com/Images/WhiskyIcon1.gif)
United Spirits Ltd. (USL) said Diageo plc. had completed the acquisition of 21,767,749 equity shares of Rs.10 each or 14.98 percent voting rights of USL at a price of Rs.1,440 apiece for a total consideration of 3,134.56 crore, RTT News reported on July, 5.
The acquisition involved the sale of 11.502 percent of the share capital of USL In the aggregate by United Breweries (Holdings) Ltd. (UBHL), and its wholly owned subsidiary, Kingfisher Finvest India Ltd., and the sale of 3.47 percent of the share capital of USL by its subsidiaries, UB Sports management Overseas Ltd. and Palmer Investment Group Ltd. to Relay B.V., an indirect wholly-owned subsidiary of Diagro, and the sale by SWEW Benefit Company of its shareholding in USL to Relay B.V.
The company's board deferred the sale of 3,459,090 shares or 2.38 percent stake held by USL Benefit Trust to Relay, of which the company is the beneficiary, as certain conditions for the sale of these shares were not currently satisfied. However, the terms of the sale of such shares by USL Benefit Trust to Relay will continue to be governed by the terms of the Share Purchase Agreement.
Following the same, Diageo holds 36,359,192 shares representing 25.02 percent of the share capital of the company and United Breweries (Holding), together with its wholly-owned 08 subsidiary, Kingfisher Finvest India Ltd., continue to hold 16,108,323 shares representing 11.08 percent of the USL share capital.
With the completion of the Share Purchase Agreement (SPA), the Shareholders' Agreement between Diageo, Relay B.V., United Breweries (Holding) and Kingfisher Finvest India relating to their relationship as shareholders of the company is now effective and both Diageo and UBHL will be promoters of USL.
10 July, 2013
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