United Spirits to sell treasury stock to repay loan

United Spirits Ltd has announced that the Company has been informed by Shaw Wallace & Company Ltd that, due to corporate considerations, they intend to sell 10,282,553 equity shares of Rs 10/- each held by them in the Company in the open market, through the Stock Exchanges. The proceeds will be utilized to reduce the loan of the Company's Wholly Owned Subsidiary.

The stock was trading at Rs.880, down by Rs.37.45 or 4.08%. The stock hit an intraday high of Rs.925.90 and low of Rs.876.

The total traded quantity was 6400218 compared to 2 week average of 214990.

Source : Equity Bulls

Keywords