r Diageo is set to offer $1.9bn for an additional 26% stake in Indian alcoholic beverages company United Spirits (USL), which will bring its ownership to 51%.The acquisition will take place through the company's wholly-owned indirect subsidiary Relay.
The open offer for the purchase is scheduled for launch in June 2014.
Diageo was quoted by livemint.com as saying, "Relay currently holds 28.78% of the issued share capital of USL, acquired for a total investment of Rs.6,574.22 crore (£726,550,972).
"On completion of the tender offer (assuming full take-up), Relay will hold 54.78% of USL's issued share capital and will have paid approximately Rs.18,023.14 crore for its total shareholding in USL."
In February this year, Diageo has acquired 2.4% stake in USL, which follows the company's purchase of 14.98% stake in USL in July 2013.
Diageo produces, distills, brews, bottles, packages, and distributes spirits, beer, wine, and ready to drink beverages.
