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United Spirits completes stake sale in Hip Bar to its promoter; Stock trades flat

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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.

The above news was originally posted on www.indiainfoline.com

Aabkari Times Editorial Teamhttps://aabkaritimes.com
Aabkari Times is a monthly news magazine on Liquor, Excise and Alcohol allied industry; being published since 2009 by the expertise of retired excise dept. associates and alco-bev industry professionals as our editorial team. Our magazine contains different new alco-bev strategic and new brand launch articles as well as news on recent govt. policies, trends on alcohol industry and other important data relevant to the distilleries and industry at the mass.

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