The price that Diageo is now willing to offer for the stake represents a premium of 22.5 percent to the price at which it last acquired USL shares in January 2014, and 20.0 percent to the 60-day volume-weighted average price for the stock (the SEBI regulatory floor price).
British spirits maker Diageo Plc has launched an open offer to increase its stake in United Spirits Ltd (USL) from the current 29 percent to 55 percent, at a price of Rs 3,030 per share, or a 18.4 percent premium to Friday's closing stock price.
The total size of the open offer, which if successful would give Diegeo control of the firm, is around Rs 11,449 crore.
The price that Diageo is now willing to offer for the stake represents a premium of 22.5 percent to the price at which it last acquired USL shares in January 2014, and 20.0 percent to the 60-day volume-weighted average price for the stock (the SEBI regulatory floor price).
"This was not completely unexpected because Diageo was looking to increase stake through creeping acquisition," Varun Lohchab of CIMB told CNBC-TV18. "The price offered is very good and we should see good tendering. I will not be surprised if Diageo is able to get close to majority stake post this open offer."
CIMB said that stock's fundamental value is in the Rs 2,500-2,600 range and the stock should see some correction after the open offer goes through.
But market sources have told CNBC-TV18 that some investors may not enter tender in their shares even at the relatively-attractive price as they believe that USL's prospects should change drastically once Diageo takes control of the business.
Diageo has been busy buying USL shares through creeping acquisition (via the open market) and has used up about 75 percent of the total 5 percent total stake promoters can acquire in their companies in a year.
The USL share sale is also the subject of litigation as the Karnataka High Court late last year ruled the sale of USL shares by erstwhile parent company UB Holdings as "null and void" after lenders of Kingfisher (on whose loans UB Holdings had provided a guarantee) had laid claims to the shares.
Currently, Vijay Mallya's UB Group companies together hold about 11 percent stake in USL. JM Financial and HSBC are bankers to the open offer.
United Spirits stock price
On April 15, 2014, at 14:13 hrs United Spirits was quoting at Rs 2858.05, up Rs 301.05, or 11.77 percent. The 52-week high of the share was Rs 2940.55 and the 52-week low was Rs 1838.00.
The company's trailing 12-month (TTM) EPS was at Rs 22.94 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 124.59. The latest book value of the company is Rs 440.83 per share. At current value, the price-to-book value of the company is 6.48.
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