United Spirits soars over 6% on hopes of additional payouts

NEW DELHI: Shares of United Spirits jumped over 6 per cent in Friday’s trade amid reports that the market regulator Sebi may ask the company to give additional payout to minority shareholders for any losses due to promoter Vijay Mallya’s earlier transaction.

PTI quoting sources said an investigation by Sebi revealed that a $75-million deal between its erstwhile promoter Vijay Mallya and new owner Diageo resulted in a significant ownership gains to the new promoters in addition to the monetary benefits to the old owners, thus causing a ‘loss’ to the minority shareholders of the company.

"Sebi's investigation has reached an advanced stage and the regulator may have to order an additional payout to the minority shareholders, possibly by way of a fresh open offer," a senior official said.

Following the report, the stock jumped 6.05 per cent to Rs 2,329.30 on BSE.

The company has posted an over threefold jump in standalone net profit at Rs 147.70 crore for the December quarter, thanks to lower interest outgo and no exceptional expenses.