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United Spirits is trading higher by 4% to Rs 2,960 on National Stock Exchange (NSE) after the company said its minority shareholders have approved a proposal to enter into licensing and cost sharing agreements with certain subsidiaries of its parent Diageo Plc.
The stock opened at Rs 2,950 and hit a new high of Rs 2,968 on NSE. Till 1011 hours, a combined 353,723 shares changed hands on the counter against an average sub 300,000 shares that were traded daily in past two weeks on NSE and BSE.
In a filing to the BSE, the company said a special resolution was approved by the shareholders "with requisite majority" at an extraordinary general meeting held on January 9, 2015.
The proposal included entering into licence for manufacture and sale agreements, distribution, cost sharing and other agreements by the company with its holding company Diageo Plc, the filing added.
The company said 76.33% of the minority shareholders approved its proposal, a tad over the 75% requirement, the PTI report suggests.
The stock opened at Rs 2,950 and hit a new high of Rs 2,968 on NSE. Till 1011 hours, a combined 353,723 shares changed hands on the counter against an average sub 300,000 shares that were traded daily in past two weeks on NSE and BSE.
In a filing to the BSE, the company said a special resolution was approved by the shareholders "with requisite majority" at an extraordinary general meeting held on January 9, 2015.
The proposal included entering into licence for manufacture and sale agreements, distribution, cost sharing and other agreements by the company with its holding company Diageo Plc, the filing added.
The company said 76.33% of the minority shareholders approved its proposal, a tad over the 75% requirement, the PTI report suggests.
