The world largest wine maker group Diageo Plc is going to debut its open offer to buy 26% stake in Vijay Mallya-owned United Spirits Ltd, as per of earlier signed deal.
The amount of 26% acquiring stakes would be over Rs 5,441 crore and the process is starting from January next year, as per company saying.
As per United Spirits Ltd (USL) announcement, the open offer will commence on January 7, 2013, and will close on January 18, 2013 under which UK based Diageo will hold 37,785,214 equity shares that have face value of Rs 10 each at an offer price of Rs 1,440 per share.
As soon as the acquisition process has completed, Diageo for which doors in Indian whisky market will have opened will become India, the second largest market after US.
Reports said that shares of USL that has a debt of about Rs 8,300 crore, on Wednesday closed at Rs 1,762.20 up 0.54%.
Using the selling stakes operation, USL is seeking to reduce its debt for that on November 9, the company signed a deal with Diageo to sell a 53.4 per cent stake for Rs 11,166.5 crore.