United Spirits share price gains on withdrawing subsidiary sale agreement
The company rescinded the share purchase agreement after the prospective buyer failed to pay.
November 27, 2020 / 09:38 AM IST
United Spirits share price gained in the early trade on November 27 after the company withdrew a sales agreement with a subsidiary.
The company had entered into a definitive agreement to sell its entire shareholding in its non-operative subsidiary Tern Distilleries Private Limited (TDPL) for Rs 30 crore, it said.
As the company didn't receive the consideration from the prospective buyer, it rescinded the share purchase agreement entered on October 14, 2020.
TDPL will continue to be a subsidiary of the company.
At 0925 hours, United Spirits was quoting at Rs 557.70, up Rs 0.70, or 0.13 percent on the BSE.
The share touched its 52-week high of Rs 742.95 on February 20, 2020 and 52-week low of Rs 443 on March 25, 2020.
It is trading 24.93 percent below its 52-week high and 25.89 percent above its 52-week low.