United Spirits rose 0.75% to Rs 630 after the company entered into a definitive agreement to sell its entire shareholding in its non-operative subsidiary, Tern Distilleries, for a consideration of Rs 30 crore.
"Upon completion of the above sale, Tern Distilleries will cease to be a subsidiary of the company, the alcoholic beverage maker said in a BSE filing made on Saturday.
The purchaser, NCL Industries, is not a promoter or part of the promoter group of the company, it added.
The sales agreement was signed on 23 January 2021 and the company expects to complete the deal within thirty days of signing the agreement.
United Spirits (USL) manufactures and distributes a variety of alcohols and spirits, including whiskey, brandy and rum. The company also manufactures Indian-made foreign liquor brands.
USL's consolidated net profit dropped 20.6% to Rs 125.10 crore on 5.1% decrease in net sales to Rs 2,196 crore in Q2 September 2020 over Q2 September 2019.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
