Nov 08, 2013, 06.00 PM IST
Diageo sells various popular brands, including Smirnoff Vodka and Johnnie Walker whiskey. USL, which is India's top spirits maker, markets various liquor brands, including Signature, Bagpiper, Antiquity, Royal Challenge in the country.
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Diageo may miss deadline to acquire 27.40% stake in USL
Diageo sells various popular brands, including Smirnoff Vodka and Johnnie Walker whiskey. USL, which is India's top spirits maker, markets various liquor brands, including Signature, Bagpiper, Antiquity, Royal Challenge in the country.
Like this story, share it with millions of investors on M3
Diageo may miss deadline to acquire 27.40% stake in USL
Diageo sells various popular brands, including Smirnoff Vodka and Johnnie Walker whiskey. USL, which is India's top spirits maker, markets various liquor brands, including Signature, Bagpiper, Antiquity, Royal Challenge in the country.
In a filing to BSE, Relay B V, a wholly-owned subsidiary of Diageo Plc, said acquisition of 2.38 percent from USL Benefit Trust is yet to be completed.
The 34.59 lakh equity shares had been been pledged in favour of Unit Trust of India Investment Advisory Services (security trustee) acting on behalf of Punjab National Bank ( PNB ) and IDBI Bank.
"After repayment of loan, PNB has issued no objection to the security trustee to release the pledge over remaining sale shares. However, IDBI Bank despite repayment and repeated requests has refused to instruct the security trustee to release the pledge over remaining sale shares," it said.
"In the light of the reasons described above, we do not expect to be able to complete the acquisition of remaining sale shares within the prescribed period, ie November 11, 2013," Relay B V said.
United Spirits has filed a write petition against IDBI and security trustee in Karnataka High Court on November 6 seeking seeking relief, it added. Comments from IDBI could not be obtained. "Our current shareholding in USL is 25.02 percent," it added.
Earlier this year, Diageo Plc had completed the acquisition of 25.02 percent stake in USL on completion of a share purchase deal announced last year.
Last year, Diageo had announced that it would pick up 53.4 percent stake in USL in a multi-structured deal for a total of Rs 11,166.5 crore. Instead, it could pick only 25.02 percent stake in USL for a total consideration of Rs 5,235.85 crore due to subdued response to its open offer to public shareholders.
Diageo sells various popular brands, including Smirnoff Vodka and Johnnie Walker whiskey. USL, which is India's top spirits maker, markets various liquor brands, including Signature, Bagpiper, Antiquity, Royal Challenge in the country.
United Spirits stock price
On November 08, 2013, United Spirits closed at Rs 2393.95, down Rs 0.9, or 0.04 percent. The 52-week high of the share was Rs 2815.00 and the 52-week low was Rs 1336.50.
The company's trailing 12-month (TTM) EPS was at Rs 20.23 per share as per the quarter ended June 2013. The stock's price-to-earnings (P/E) ratio was 118.34. The latest book value of the company is Rs 440.83 per share. At current value, the price-to-book value of the company is 5.43.
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