The open offer has been priced at Rs 3030 per share, which is a 22.5% premium to the price at which Diageo last acquired USL shares on 31st January 2014, and a 20% premium to the 60 day VWAP for USL.
Diageo wants a larger sip of United Spirits and is firing on all cylinders to ensure that it has a sizable share.
After many months of speculation Diageo has today announced an open offer for 26% of United Spirits stake thus taking its shareholding in the company from 28.78% to 54.78%.
The open offer has been priced at Rs 3030 per share, which is a 22.5% premium to the price at which Diageo last acquired USL shares on 31st January 2014, and a 20% premium to the 60 day VWAP for USL.
At Rs 3030 per share, if subscribed in full, Diageo will pay about Rs 11,448 cr or 1.1 billion pounds taking Diageo's total investment in United Spirits to Rs 18,023 cr or 1.85 billion pounds.
In her first interview, the global CFO and executive director of Diageo PLC, Deirdre Mahlan, spoke to CNBC-TV18's Kritika Saxena and explained that the simple logic behind the second open offer was to allow a certainty of control via increasing the stake.
Deirdre also said that the lenders of Kingfisher Airlines that hold USL shares as collateral are free to tender to the open offer as long as they provide customary guarantees requisite in the offer.
However she clarified that Vijay Mallya will not be tendering in the open offer as the offer is for public shareholders and not promoters.
Transcript of the interview to follow later, listen in to the video
United Spirits stock price
On April 15, 2014, at 14:15 hrs United Spirits was quoting at Rs 2859.50, up Rs 302.50, or 11.83 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 124.65. 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 6.49.
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