United Spirits jumps over 6% after Morgan Stanley buys stake

MUMBAI: Shares of United Spirits Ltd today soared by over 6 per cent in morning trade after foreign fund house, Morgan Stanley Asia, purchased 10.80 lakh shares of the Vijay Mallya-led firm for an estimated Rs 229 crore.

After making a positive opening, shares of the company further shot-up by 6.31 per cent to Rs 2,304.80 at the NSE.

On the BSE, the stock jumped 5.89 per cent to Rs 2,299. As per stock exchanges data, Morgan Stanley Asia ( Singapore) Pte on Friday bought 10,80,142 shares, amounting to 0.74 per cent stake, of United Spirits through an open market transaction.

The shares were purchased on an average price of Rs 2,118.23 valuing the transaction to Rs 228.79 crore, data showed.

However, the seller of the shares could not be ascertained.

As of May 31, Morgan Stanley Asia held 58.46 lakh shares, which is equivalent to 4.02 per cent stake in United Spirits.