United Spirits shares surged as much as 7 per cent to an intraday high of Rs 2232.80 on NSE on Wednesday. Including today's gains shares of the United Spirits has surged over 16 per cent in last two trading sessions after Bloomberg reported that its parent company Diageo may raise stake in the Bengaluru-based spirits maker through an open offer.
The Bombay Stock Exchange has also sought clarification from United Spirits. Currently, Diageo has nearly 55 per cent stake in United Spirits.
The Bloomberg report, citing sources, said Diageo, the British maker of Johnnie Walker scotch, has been considering to increase stake in United Spirits for several months. For Diageo increasing its stake in United Spirits has now become attractive as shares of United Spirits have fallen 20 per cent in the past one year, the report said.
Diageo had initially acquired a stake in United Spirits in 2012 and later on increased its stake to 54.8 per cent by acquiring 26 per cent share through an open offer.
As of 1.00 p.m. United Spirits shares traded 5.24 per cent higher at Rs 2,194.5 apiece. Trading volume in the stock also increased as 1.94 lakh shares had already changed hands in the stock on the BSE compared to its 2-week trading average of 28,000 shares.
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