Oppenheimer Funds, which is an existing shareholder, sold 36.42 lakh shares, equivalent to a 2.5 per cent stake, in United Spirits in the open market for Rs. 901.13 crore through bulk deals.
The shares were acquired by Diageo through its group entity Relay BV, which on Friday purchased 35 lakh United Spirits shares, amounting to 2.40 per cent in the company.
At the end of last month, Relay BV held a 26.37 per cent stake in United Spirits, which has now risen to nearly 29 per cent.The shares were acquired at an average price of Rs. 2,474.45 apiece, valuing the transaction at Rs. 866.06 crore.
Diageo had announced in 2012 that it intends to pick up to 53.4 per cent holding in United Spirits in a multi-structured deal for a total of Rs.11,166.5 crore.It could pick only 25.02 per cent stake for a total consideration of Rs. 5,235.85 crore due to poor response to its open offer.