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.