As part of their deal Diageo agreed to pay Mallya, $75 million for stepping down as chairman of United Spirits and for entering into a non-compete pact
The next step will be the 10 per cent preferential allotment, which the UB Group promoters will be making in favour of Diageo.
UK-based Diageo paid Rs 3,030 for a share of United Spirits Ltd, more than double of Rs 1,440 it offered in the previous bid last year.
However, even after finalising the multi-pronged cross-border Rs 11,165-crore deal in November 2012, Diageo's wait for acquiring a decent stake in India's leading whisky maker, United Spirits, seems to be getting longer and longer.
The offer, open on April 10-26, was meant to acquire close to 38 million shares at Rs 1,440 a piece.
Sebi issued final observations, necessary for the offer and the deal as a whole to go through, on May 21.
US market regulator SEC has slapped penalties of over $16 million on spirits giant Diageo Plc for indulging in corrupt practices in India, Thailand and South Korea to push up sales of its leading brands like Johnnie Walker.
Diageo may not be able to recover $135 mn loan from Mallya firm
SBI had moved the Debt Recovery Tribunal because Mallya owes over Rs 7,200 crore to a consortium of banks led by State Bank of India
The CCI in an order dated February 26 approved Diageo's proposed majority stake purchase in Mallya-led United Spirits, saying the deal would not have adverse impact on competition.
Rice noodle rolls are an attractive way to package a salad.
It said a meeting would be held with the airline's management soon.
The question now is, legal experts say, whether the new norms would come into effect prospectively or retrospectively.
Adani Sportsline shelled out a massive Rs 1289 crore for the Ahmedabad team, which emerged the most expensive franchise.
Interview with Joint President & CFO, United Spirits Limited.
Bartending is an art that also pays very well. A bar tender on an average earns anywhere between Rs 500,000 to Rs 900,000 in India.
A comforting soup with bold flavours.
These mushrooms are a perfect side with the drinks at a weekend biryani party.
The love-affair between kappa and meen gets a fresh twist.
Fresh meat and seafood delivery unicorn Licious is intensifying its talent acquisition endeavours as it pursues profitability and readies for an initial public offering (IPO) within the next 24 months. Delightful Gourmet, Licious' parent company, has named 39-year-old Karishma Gupta as its new chief financial officer (CFO). Her appointment aligns with Licious' drive for profitable growth through an omnichannel strategy.
Two boozy desserts to make at home and present with elan to a loved one.
'I think my first obsessive, possessive and only half-requited -- as we would joke -- 'love' was Ivan. I saw him first slouching down the corridor of St Stephen's College nearly 50 years ago and was instantly smitten (as was everyone else around him).'
The free trade agreement (FTA) talks with India are no longer working towards a Diwali deadline though negotiations are progressing well, UK Trade Secretary Kemi Badenoch has said as New Delhi expressed confidence on Friday of an "early date" for a mutually beneficial deal. "There are ongoing negotiations as we know on the FTA. There is interest on both sides to see if we can work towards a deal, an FTA, that is beneficial to both the countries at an early date," external affairs ministry spokesperson Arindam Bagchi told reporters in New Delhi. It came as External Affairs Minister S Jaishankar spoke to his UK counterpart, James Cleverly, and referenced the Roadmap 2030 bilateral agreement signed between Prime Minister Narendra Modi and former UK PM Boris Johnson in May last year, with no specific reference to the FTA.
Educational technology company Byju's chief financial officer Ajay Goel has quit after completing the audit process for the financial year 2022 and will return to Vedanta, the company said in a statement. The edtech major has roped in industry veteran Pradip Kanakia as senior advisor, and president (finance) Nitin Golani has been given additional responsibility as India chief finance officer (CFO) to handle the finance function of the company.
Enforcement Directorate to approach court to attach industrialist's properties worth Rs 4,000 crore
'India has the potential to do a lot more to take advantage of the time today where we stand to gain, geopolitically and in terms of market attractiveness.'
Troubled business tycoon Vijay Mallya, on Sunday, asserted that his stepping down as chairman of the United Spirits Ltd will not affect his control in Formula One team, Sahara Force India.
A tribunal on Monday halted a $75-million settlement due to be paid by Diageo Plc to Mallya.
The liquor company is going all out to ensure it captures significant share in the market.
This comes in the wake of allegations of financial irregularities by the erstwhile management led by Harish Moolchandani.
Milkha Singh, 92, best known as the 'Flying Sikh' and most remembered for finishing fourth in the 400m final in the 1960 Rome Olympic Games, was bestowed with the lifetime achievement award.
Diageo, which had acquired Mallya's United Spirits nearly six years ago, is claiming $40 million paid to the liquor tycoon as part of an alleged breach of agreement.
Diageo, the largest alcoholic beverage company in the world, estimates that the loss ending June 2020 would be between $300 million and $420 million.
With United Spirits all set to be acquired by Diageo, there aren't too many local spirits barons of significance and stature left.
The Supreme Court (SC) on Monday slapped a fine of Rs 2000 ($25) and a four-month jail sentence on fugitive businessman Vijay Mallya. In addition, the former liquor baron has been asked to deposit $40 million with 8 per cent interest within a month, failing which his properties would be attached to recover the amount. The court held Mallya guilty of contempt after it was brought to its notice that he had transferred $40 million to his children in the US.
The apex court's 2017 order had come on a plea by consortium of banks led by SBI, which had said that Mallya had allegedly transferred $40 million received from British firm Diageo, to his children in 'flagrant violation' of various judicial orders.
Wants details of Vijay Mallya transactions over 4 years
In 2012, Diageo signed a deal to buy stake in USL.
Such an exit arrangement is commonly known in the business parlance as 'golden parachute' or 'sweetheart deal'
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