United Spirits Finalizes ₹172 Crore Property Sale in Mumbai

31 Mar 2025 , 11:41 AM

United Spirits Limited (USL) said on March 30, 2024, through a regulatory filing that its Board of Directors has approved the sale of a residential property in Malabar Hill, Mumbai for ₹172 crore. The property will include furniture, fixtures, and fittings. The total area in Mumbai consists of a ground floor and two upper floors.

Ajaykumar Dineshkumar Vaghani and Manisha Ajay Vaghani are the buyers of the property who do not have any connection with United Spirits Limited earlier. The transaction has been a related party transaction at arm’s length, and the buyers have no nexus with USL’s promoters, promoter group or group companies.

Of the total sale consideration of ₹172 crore, which will be utilised for the company’s financial planning and operational needs, United Spirits Limited will receive ₹172 crore. Buyers shall pay all applicable stamp duty, registration fees and taxes, in accordance with the standard legal requirements.

The agreement does not give the buyers any special rights, such as the right to:

• Directors on United Spirits Limited’s board
• Use of pre-emptive rights to share subscriptions
• Impose limits on changes to capital structure

The above transaction is not one falling within the meaning of related party transaction and is therefore entered into in good faith and in accordance with the best corporate governance practice.

This disclosure of the transaction is made pursuant to Regulation 30 of the Securities and Exchange Board of India (SEBI) (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Other details on the transaction can be found in a public filing with the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) for investors and stakeholders. The sale of this high-value asset is in line with United Spirits Limited, strategic financial objectives and prudent capital allocation.