Vijay Mallya is planning to make a 10% preferential allotment in his flagship company, United Spirits (USL), to the former, says media reports.
According to reports, preferential allotment of 10% will happen before May 26, for which Diageo will be paying Rs 20.94bn.
Diageos move to acquire a further 17.4% stake for Rs 3,632 crore will depend on what the judge at the Karnataka high court (HC) will decide, after hearing winding-up petitions on UB Holdings, report said.
As part of the agreement between Diageo and Mallya in early November 2012, the former was to get 12.8% stake from UBHs holdings in USL.
India Infoline News Service / 08:59, Aug 25, 2014
The outlook is a flat start. The BankNifty has given a breakout but many of the large caps are remaining in a range keeping the main indices under pressure.