The UK-based Diageo is expected to pick up to 27 per cent stake in United Spirits for Rs 3,000 crore, Latest stock price of stock

The UK-based Diageo  is expected to pick up to 27 per cent stake in United Spirits for Rs 3,000 crore, Latest stock price of stock

The UK-based Diageo plc is expected to pick up to 27 per cent stake in liquor baron Vijay Mallya’s United Spirits (USL) for a total amount of Rs 3,000 crore ($640 million).

Sources indicated that the stake sale is expected to be finalised in London early next week with an official announcement likely at the end of the month when the USL board meets in Bangalore.

It was not immediately clear as to how much of the personal stake of promoter Vijay Mallya will be disposed of as part of the stake sale.

Sources indicated that funds raised will be used to pay off debts which have his personal guarantee, especially the ones extended to Kingfisher Airlines. The eventual sale could provide a much needed financial lifeline to the cash-strapped airline.

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