Credit Suisse (Singapore) Limited has sold 0.5% stake in United Spirits. The FII sold around 654540 shares for R1254.6 per share aggregating to R82.09 Cr, through bulk deal on NSE.
This sell off will bring down the FII’s stake to 1.76 % from 2.26%, as per June’12 data.
Recently in June, Credit Suisse invested R62 Cr acquiring 921241 shares for R673.29 per share.
USL is under debt of R8,600 Cr. In four major steps during the past two years, the company has raised R2,500 Cr to pay back part of the debt, according To BS.
The company is also in talks with Diageo Plc for a possible minority stake sale.
However, there is a major hurdle in the shape of USL’s wholly owned subsidiary Whyte & Mackay. If Diageo acquires a significant control in USL, it will lead to indirect control over Whyte & Mackay, to which the European anti-monopoly body would object.
Recently, Credit Suisse – an arm of the Swiss banking and financial services giant, Credit Suisse Group invested in HDIL.
In May, it sold 12.50 lakh shares of Subex at R23.75 a share, aggregating to R2.97Cr. In April this year, the FII invested in Tribhovandas Bhimji Zaveri Limited through anchor investment.
