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VEDL - Vedanta News Story

₹123.8 -0.7  -0.5%

Last Trade - 6:06am

Sector
Basic Materials
Size
Large Cap
Market Cap £4.73bn
Enterprise Value £7.53bn
Revenue £8.66bn
Position in Universe 66th / 2999

Diageo exploring options to delist Indian arm - CNBC TV-18

Mon 18th May, 2020 9:46am
May 18 (Reuters) - Diageo Plc  DGE.L , the world's largest
spirits maker, is exploring options to delist its Indian arm,
United Spirits Ltd  UNSP.NS , by buying out minority
shareholders, CNBC TV-18 reported on Monday. 
    Diageo, the maker of Johnnie Walker whiskey and Tanqueray
Gin, currently owns an about 56% stake in United Spirits after
slowly building it up over several years. 
    The company has started talks with investment bankers and
consultants on a delisting offer, the CNBC TV-18 report https://www.cnbctv18.com/business/diageo-exploring-option-to-delist-united-spirits-5947471.htm
 said, citing sources familiar with the matter.  
    "The management believes that the current market conditions
and the pricing of USL is conducive to a delisting and that's
why they are exploring this option," the CNBC report said,
citing a senior executive at the company who did not want to be
named.
    Diageo India did not immediately respond to a Reuters
request for comment. 
    The company's move comes nearly a week after miner Vedanta
Resources Ltd said it was delisting its Indian unit Vedanta Ltd
 VDAN.NS , as it seeks to accelerate the simplification of its
corporate structure amid the coronavirus pandemic.  urn:newsml:reuters.com:*:nL4N2CU3JH
    Shares of United Spirits were trading flat at 0825 GMT on
India's National Stock Exchange. 
    UK-based Diageo's shares were up 1.8% at 2,792 pence on the
London Stock Exchange. 

 (Reporting by Siddharth Cavale in Bengaluru; Editing by
Ramakrishnan M.)
 ((siddharth.cavale@thomsonreuters.com; within U.S.
+1-646-223-8780; outside U.S. +91 80 6749 1130; Reuters
Messaging: siddharth.cavale.thomsonreuters.com@reuters.net))
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