Shares of United Spirits and United Breweries (UB) Holdings have dipped more than 2% each after United Spirits the group company said that the UK-based Diageo plc's proposed open offer to buy up to 26% additional stake in United Spirits from January 7, 2013 has been postponed.
UB Holdings has tanked 8% to Rs 103 on back of over two-fold jump in trading volumes on the NSE. The stock opened at Rs 111 and has seen a combined 1.21 million shares changing hands on the counter so far on both the exchanges.
United Spirits is trading lower by around 2% at Rs 1,881 on the NSE. The stock opened at Rs 1,910 and hit a high of Rs 1,920 so far.
“The schedule of activities stated in the Detailed Public Statement (DPS) published on November 20, 2012 and the Draft Letter of Offer (DLoF) filed with SEBI on November 27, 2012, awaiting the final observations from SEBI and accordingly the schedule of activities stated in the DPS and DLoF stands revised,” JM Financial Institutional Securities, the manager to the open offer said on behalf of United Spirits.
The revised schedule of activities will be intimated in due course, it added.
In November 2012, Vijay Mallya owned UB Holdings , United Spirits and global drinks major Diageo announced a deal, which will see Diageo acquire a majority stake in United Spirits.
Diageo has proposed to acquire a maximum of 37.79 million shares, equating to 26% of the enlarged share capital of United Spirits, at Rs 1,440 a share. The open offer was originally slated to commence on January 7, 2013 and close on January 18, 2013.
