United Spirits fizzes up
By Research Desk
about 11 years ago
United Spirits is the top gainer on the BSE currently, up 11% at Rs.2840 and this was after hitting a new 52-week high at Rs.2940.55.
The stock hit a new high as the much awaited open offer from Diageo finally came in – it plans to acquire upto 26% stake in United Spirits at Rs.3030/share, which was at a premium of 20% over Friday’s close. Diageo hopes to raise its stake through this open offer to 54.78% and it currently holds 29% stake. The open offer is scheduled to begin on 11th June and close on 24th June.
Our Editor, Mr.SP Tulsian is of the opinion that the open offer might not evoke full response , indicating bullish view on the stock over next 12 months, when it can move to Rs.3,500 levels.