Lender invokes United Spirits' pledged shares

Tags: News
Liquor firm United Spirits Ltd today said that four lakh shares pledged by one of its promoters Kingfisher Finvest India has been invoked by a lender.

Post transaction, which took place on April 4, Kingfisher Finvest India Ltd's stake in United Spirits has come down to 3.58 per cent, according to a regulatory filing.

United Spirits has said that four lakh pledged shares were "unilaterally invoked" by a lender.

Based on April 4 closing price of 2,644.20 apiece, these shares would be worth over Rs 105 crore.

In November 2012, world's largest spirits maker Diageo Plc had announced that it would pick up 53.4 per cent stake in USL in a multi-structured deal for a total of Rs 11,166.5 crore.

Diageo sells various popular brands, including Smirnoff Vodka and Johnnie Walker whiskey. United Spirits, which is India's top spirits maker, markets various liquor brands including Signature, Bagpiper, Antiquity and Royal Challenge.

EDITORIAL OF THE DAY

  • Government must consider Sitharaman’s move to revisit Apple’s application for retail

    Commerce and industry minister Nirmala Sitharaman’s decision to revisit the Apple application for waiver of mandatory local sourcing, if taken serio

FC NEWSLETTER

Stay informed on our latest news!

TODAY'S COLUMNS

Arun Nigavekar

Can Hefa actually become a reality?

The ministry of human resource development (MHRD) is actively wo­rking ...

Zehra Naqvi

Man proved to be a tyrant and a fool

Reading the history of different species is, perhaps, the most ...

Dharmendra Khandal

No one's getting rich overnight by poaching

We often read in newspapers that tiger skin worth Rs ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture