The Securities and Exchange Board of India (SEBI), a regulator for the securities market in India, has sought additional transactional details from Diageo over its open offer to buy 26% stake in United Spirits for INR54.41bn ($0.99bn).
On 9 November 2012, Diageo signed a deal to purchase 53.4% stake in United Spirits for nearly INR111.67bn ($2.03bn) under two transactions. First, it planned to purchase 27.4% stake in United Spirits for £660m at a rate of INR1,440 ($26.4) per share and then launch an open offer to buy 26% of the enlarged share capital of United Spirits at a rate of INR1,440 ($26.4) per share.
Subsequently, the company had planned to launch an open offer that had to be cleared by a market regulator upon clarifying all the details.
According to SEBI, it received details last week and is awaiting reply from merchant banker for United Spirits' open offer.
