United Spirits Limited informed the exchanges Tuesday that parties have completed the share transfer formalities and that the Company has received the entire consideration amount. Consequently, Hip Bar Private Limited ceases to be an associate company of the company from today.
The company on July 23 had informed that the board of directors approved the sale of all equity shares and compulsory convertible preferential shares (CCPS) held by the Company in Hip Bar Private Limited to Prasanna Natarajan, promoter of HipBar, for consideration of Rs52 lakhs.
“The company had fully impaired its aforesaid investment in the financial year 2020-2021. Consequently, the proposed divestment will not have any adverse effect on Company’s performance in the current financial year, company had shared on July 23.
At around 9.56 AM, United Spirits Ltd was trading at Rs652.50 per piece down Rs0.90 or 0.14% from its previous closing of Rs653.40 per piece on the BSE.