United Breweries Holdings up on stake sale ruling

Shares in United Breweries Holdings Ltd (UBHL) jumped 9.9 per cent after the Karnataka High Court allowed UBHL to sell its shares in group company United Spirits to Diageo Plc to complete the long-pending deal.

UBHL is the holding company for a group of companies controlled by Vijay Mallya, including Kingfisher Airlines Ltd, and the sale of shares would help Dr Mallya finalise the transfer of a controlling stake in United Spirits to Diageo.

UBHL owned 15.7 per cent stake in United Spirits as of the end March.

Creditors of bankrupt Kingfisher had filed a petition in the Karnataka court to try to prevent the transfer of UB Holding shares in United Spirits to Diageo.

Copyright: Thomson Reuters 2013