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USL shares rise as Diageo ‘considers’ upping stake
United Spirits (USL) shares rose almost 4% on the BSE India stock exchange yesterday as reports suggest Diageo is seeking to increase its stake in the Indian spirits producer to 72%.
Diageo is reportedly considering increasing its stake in McDowell’s maker USL
Diageo is considering various options, including open market transactions to increase its stake in McDowell’s whisky maker USL from its current 55% to 72%, reports the Business Standard.
The UK-based drinks group gained complete control of the USL board following the departure of Vijay Mallya from his role as chairman and non-executive director in February.
In a statement to the BSE, United Spirits company secretary V Ramachandran said: “We wish to clarify that we are not aware of any such talks and hence unable to comment on the same.”
The Spirits Business has approached Diageo for comment.