United Spirits to divests its entire stake in Tern Distilleries; stock dips 3%

Upon completion of the above sale, Tern Distilleries will cease to be a subsidiary of the Company, United Spirits said.

Oct 15, 2020 05:10 IST India Infoline News Service

United Spirits
United Spirits Limited (USL) has entered into a definitive agreement for the sale of its entire shareholding in its wholly-owned subsidiary Tern Distilleries Private Limited (“Tern Distilleries”), to Sri Balaji Impex (SNG) Pte. Ltd., Singapore for consideration of Rs30cr.

Upon completion of the above sale, Tern Distilleries will cease to be a subsidiary of the Company, the company said.

The purchaser, Sri Balaji Impex (SNG) Pte. Ltd, Singapore is not a related party of the Company, and the sale does not constitute a related party transaction, it added.

United Spirits Ltd ended at Rs506.95 down by Rs17.05 or 3.25% from its previous closing of Rs524 on the BSE. The scrip opened at Rs527 and touched a high and low of Rs527 and Rs503.45 respectively.

Related Story