Pending regulatory nods delay Diageo open offer for USL

The open offer of global liquor giant Diageo to acquire 26-percent stake in UB Group firm United Spirits Ltd worth Rs 5441 crore has been delayed due to pending regulatory nods from Sebi, RBI and CCI.
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Jan 07, 2013, 08.09 PM | Source: CNBC-TV18

Pending regulatory nods delay Diageo open offer for USL

The open offer of global liquor giant Diageo to acquire 26-percent stake in UB Group firm United Spirits Ltd worth Rs 5441 crore has been delayed due to pending regulatory nods from Sebi, RBI and CCI.

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Pending regulatory nods delay Diageo open offer for USL

The open offer of global liquor giant Diageo to acquire 26-percent stake in UB Group firm United Spirits Ltd worth Rs 5441 crore has been delayed due to pending regulatory nods from Sebi, RBI and CCI.

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The open offer of global liquor giant Diageo to acquire 26-percent stake in UB Group firm United Spirits  worth Rs 5,441 crore has been delayed due to pending regulatory nods from Securities and Exchange Board of India (Sebi),  Reserve Bank of India (RBI) and Competition Commission of India (CCI).

The open offer is part of a proposed acquisition of up to 53.4-percent stake in United Spirits (USL) by Diageo Plc for an aggregate amount of Rs 11,166.5 crore. The basic timeline for the open offer from January 7-January 18 has been delayed, reports CNBC-TV18's Kritika Saxena.

The price set was Rs 1,440 per share and remains the same, but the market was hoping for some kind of a revision in prices. But that depends upon clearances from these three authorities.

There is not much clarity on the revised timeline yet, but it is learnt that USL and Diageo will together work on a revised timeline once SEBI,CCI and RBI give their official nods. By the end of this month, some clarity on the exact date or the revised date should emerge.

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