Global liquor giant Diageo has requested the Securities and Exchange Board of India (SEBI) to allow it to launch an open offer for the purchase of shares in United Spirits after receipt of all regulatory approvals.
While granting its approval to the request, SEBI, on its part, has said that U.K.-based Diageo will have to pay an interest of 10 per cent annually for the period of delay to public shareholders tendering their shares in the open offer.
The revised schedule would be announced in due course after receiving all regulatory approvals, Diageo’s manager for the open offer, JM Financial, said in a notice to shareholders.
On January 31, SEBI had cleared an open offer by Diageo for purchase of 26 per cent stake in USL, which is part of a $2-billion deal involving the U.K.-based company acquiring a majority stake in Vijay Mallya-led UB group firm. — PTI