Diageo injects US$48.7m for additional stake in India’s United Spirits Limited

INDIA – Diageo has acquired additional shareholding in India’s leading liquor company United Spirits Limited (USL), in a transaction that increases Diageo’s stake in the company to 55.9%. Diageo paid US$48.72m to acquire additional 5,075,000 shares (approximately 0.70% shareholding) in the National Stock Exchange of India listed company at a per share price of INR693.25 (US$9.6m). While Diageo first acquired a controlling stake in United Spirits in 2014 through a US$1.4 billion tender offer. The company has progressively increased its shareholding in United spirits over the years. In August last…

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Diageo’s United Spirits plans merger with its Indian subsidiary Pioneer Distilleries

INDIA – United Spirits Limited, the Indian unit of the global liquor company Diageo, has proposed a merger with its majority owned and listed subsidiary Poineer Distillers Limited, reports India Times. According to United Spirits, the amalgamation scheme has been approved at its board meeting and now awaits requisite approvals from statutory authorities including securities exchanges, shareholders and creditors of both the companies. With the completion of this merger, the non-promoter shareholders of Pioneer Distiller will receive 10 equity shares of United Spirits for every 47 equity shares of Pioneer,…

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United Spirits’ premium alcohol segment help push profits 29% higher

INDIA – United Spirits, a subsidiary of Diageo and India’s largest spirits manufacturer has reported 29% increase in profits to US$11.80 million helped by strong growth in premium alcohol segment in the first quarter, ET Retail reported. For the three months ended 30 June, net sales rose by 13% attributed to strong performance in the company’s focus brands, Prestige and Above while net sales excluding the one-off impact of operating model changes increased 14%. Sales of Prestige and Above segment which also includes brands such as McDowell’s No 1 whiskey,…

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