United Spirits Limited to sell its stake in Tern Distilleries Pvt Ltd

United Spirits Limited has announced the sale of Tern Distilleries Private Limited. In line with Company's intention of monetizing its non-core assets, Company has today entered into a definitive agreement to sell its entire shareholding in its non-operative subsidiary - Tern Distilleries Private Limited for a consideration of INR 30 crore.

The entire shareholding of Tern Distilleries Private Limited ("Tern Distilleries"), will be sold to Sri Balaji Impex (SNG) Pte. Ltd., Singapore for consideration of INR 30 crore. Upon completion of the above sale, Tern Distilleries will cease to be a subsidiary of the Company.

For the financial year ended March 2020, Tern Distilleries was a non-operative company and consequently did not have any turnover or operating revenue. It had an interest income of INR 0.67 lakhs and a net worth of approximately INR 1342 lakhs representing 0.36% of USL's consolidated net-worth.

Shares of UNITED SPIRITS LTD. was last trading in BSE at Rs.523.5 as compared to the previous close of Rs. 525.9. The total number of shares traded during the day was 14113 in over 670 trades.

The stock hit an intraday high of Rs. 526.85 and intraday low of 518.75. The net turnover during the day was Rs. 7368424.

Source : Equity Bulls

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