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United Spirits Shareholders Ignore Diageo Open Offer

Diageo PLC (DGE.LN) received just a fraction of the shares it had offered to buy in India's United Spirits Ltd. (532432.BY) from public shareholders as the offer price was significantly lower than the stock's market value.The U.K. alcohol giant offered to buy a 26% stake, or 38 million shares, for 1,440 rupees ($26) a share from the Indian spirits maker's public shareholders between April 10 and April 26. But the stock's price rose well beyond the offer price as investors expected Diageo to sweeten the offer.JM Financial Institutional Securities Pvt. Ltd., which managed the offer, Wednesday said just 64,169 shares were tendered to the offer, of which 58,668 were accepted.The open offer was part of Diageo's $2 billion deal struck in November to buy up to a 53.4% stake in the Indian company. The deal included buying a 27.4% stake from United Spirits Chairman Vijay Mallya, a few companies controlled by him and in new shares.Under Indian rules, any merger and acquisition involving more tha...

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  1. Hindustan Unilever Net Profit Increases 15%

    Hindustan Unilever Ltd. (500696.BY), India's largest consumer-goods company by revenue, Monday exceeded market expectations with a 15% increase in its fiscal-fourth-...

  2. MARKET COMMENT: CS Tips India Stocks With High Earning Yields

    Credit Suisse says that lower global crude and gold prices is a positive for India, but stays less enthused over it than others. It says that the rally may continue ...

  3. Tata Consultancy Profit Beats View; Sees Strong Growth Ahead

    Tata Consultancy Services Ltd. (532540.BY) Wednesday posted a better-than-expected 22% rise in quarterly net profit and said its revenue growth this fiscal year will...

  4. Wipro's Controlling Shareholders Get OK to Sell Shares

    India's market regulator has exempted software exporter Wipro Ltd. (507685.BY) from a rule that prevents controlling shareholders of companies from selling their sta...

  5. Infosys Shares Tumble After Disappointing Results, Outlook

    Infosys Ltd. (500209.BY) Friday lost more than a fifth of its market value after announcing its quarterly financial results and outlook that investors found disappoi...

  6. Infosys Shares Fall More Than 14% After 4Q Revenue Falls Short of Forecasts

    Infosys Ltd. (500209.BY) reported that its fiscal fourth-quarter net profit rose 3% from a year earlier but revenue came in below expectations sending the software e...

  7. Wipro Tumbles Over 11% on First Day of Trade as a Pure IT Play

    Indian software services company Wipro Ltd. (507685.BY) tumbled over 11% to become the biggest loser on the 30-share S&P BSE Sensex on Tuesday, following news that t...

  8. TVS, BMW in India Partnership to Make Motorcycles

    TVS Motor Co. (532343.BY) and the two-wheeler unit of Bayerische Motoren Werke AG (BMW.XE) Monday signed an agreement to develop a new range of motorcycles in India ...

  9. Mangalore Chemicals Makes Gains in 2nd Session; Zuari Fertilizers Buys 10% Stake

    Shares in Mangalore Chemicals & Fertilizers Ltd. (530011.BY) rose sharply for the second consecutive day Wednesday on traders' expectations that a rival's purchase o...

  10. Indian Copper Smelter to Remain Shut Despite High-Court Ruling

    Sterlite Industries (India) Ltd.'s (500900.BY, SLT) copper smelter in southern India will remain shut despite the Indian Supreme Court Tuesday overturning a lower-co...

  11. Tata Sons Upgrades Stake in Titan Industries to 15.22%

    Tata Sons Ltd., a company which controls the diversified Tata Group of companies, on Thursday increased its stake in group company Titan Industries Ltd. (500114.BY) ...

  12. India Deregisters 17 Planes of Kingfisher Airlines

    India's aviation regulator Tuesday said 17 planes of Kingfisher Airlines Ltd. (532747.BY) have been deregistered on request of the leasing companies which own the je...

  1. DLF's Share Sale Oversubscribed

    Indian real-estate company DLF Ltd.'s (532868.BY) stake sale Tuesday to raise at least 18.00 billion rupees ($328.2 million) received bids for more shares than it of...

  2. Piramal Enterprises Buys 10% of Shriram Transport for $304 Million

    Piramal Enterprises Ltd. (500302.BY) Friday acquired a 10% stake in Indian truck financier Shriram Transport Finance Co. Ltd. (511218.BY) for 16.52 billion rupees ($...

  3. Unilever Announces Purchase Period for Increasing Stake in India Unit

    Unilever PLC late Wednesday announced the purchase period for its $5.4 billion offer to raise stake in Indian unit Hindustan Unilever Ltd., in a move to capitalize o...

  4. DLF Selects JPMorgan, Deutsche, UBS, Five Others to Manage Share Sale

    DLF Ltd. (532868.BY) has chosen eight banks to manage its offer of 81 million shares to institutional investors, a person with knowledge of the matter said Tuesday, ...

  5. JPMorgan Chase, Deutsche, UBS Among Banks Managing DLF Share Sale -Source

    DLF Ltd. (532868.BY) has chosen eight banks to handle an offer for sale of 8.1 million shares in an institutional placement, a person with knowledge of the matter sa...

  6. India Central Bank Cuts Rate

    India's central bank Friday lowered its key lending rate by a quarter of a percentage point but stuck to a hawkish line on inflation, denting hopes that it would con...

  7. India Rupee At 2-Week High, Bonds Gain

    As Of 1200 GMT Latest Change USD/INR 53.80 -0.43 8.15% 2022 Bond 7.73% -3BPs Call Rate* 7.82% +24BPs Forward Premia** April 3.42 -0.055 *The weighted average rate **...

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