United Spirits high on Diageo deal reports

Vijay Mallya led United Spirits shares rose 6% to hit a 52-week high on reports of inked deal with Diageo for stake sale.

Shares of the company was seen trading at Rs 1379, higher by 2.69% on BSE at 12.00 pm IST. It touched an intra-day high of Rs 1425.

As per the reports, the information on deal will be announced today. According to market rumours, Diageo may pick up to 51% stake in United Spirits that could be valued between $1 and $2 billion.

Earlier, the company had confirmed about the discussion of the deal with Diageo and said that "in respect of possible transactions for Diageo plc to acquire an interest in United Spirits Limited. However there is no certainty that these discussions will lead to a transaction".

The other company shares of Mallya's UB Group rose along with United Spirits, with debt-laden Kingfisher Airlines up 3.4%, United Breweries rose 2.36% on BSE at 12.00 PM IST.

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