United Breweries has rallied 16% to Rs 880 on back of over two-fold jump in trading volumes in the counter. The stock of Vijay Mallya led UB Group Company opened at Rs 761 and hit a record high of Rs 885 on the BSE.
As many as a combined 2.3 million shares have already changed hands on the counter in first half-an-hour of trading against an average 1.1 million shares that were traded daily in past ten trading days on both the exchanges.
On Friday, Vijay Mallya's other group companies United Spirits and United Breweries (Holdings) had signed agreements with Britan’s Diageo Plc, under which Diageo would acquire a 27.4% stake in United Spirits.
Diageo Plc has also made an open offer to acquire additional 26% shares held by the public at price of Rs 1,440 per share. Post an open offer for 26%, Diageo will own 53.4% in United Spirits that will involve a total payout of Rs 11,167 crore.
