Sept 25, 2012
USL and Diageo officially confirm that Diageo is in discussion with USL and United Breweries (Holdings) to acquire controlling stake in USL.
Nov 9, 2012
Diageo announces it will acquire 3.77 cr shares, representing 26% stake at R1,440 per share
April 2, 2013
Lenders sell USL shares in open market as open offer price of R1440 appear unattractive
April 10-26, 2013
Diageo’s first attempt to acquire shares from public shareholders gets muted response
May 27, 2013
USL board announces issuing 1.45 crore shares to Diageo on preferential basis. Diageo pays R2,092 crore for stake buy
Dec 20, 2013
Karnataka High Court annulled sale of 6.9% stake in USL to Diageo by guarantor United Breweries (Holdings)
May 26, 2014
Diageo gets Sebi nod for open offer to acquire 26% stake in USL
June 2014
Diageo raises open offer price to R3,030/ share. Transaction valued at R11,423 cr on offer price
June 11-24, 2014
Diageo acquires majority stake in USL and raises ownership to 54.7% Largest in-bound deal since Vedanta-Cairn merger in Dec 2011
Nov 28, 2014
Minority shareholders defeat nine out of 12 special resolutions during company’s EGM, bringing setback to the integration between USL and new owner Diageo Plc.
Jan 10, 2015
United Spirits gets minority shareholders nod for Diageo licensing and cost sharing agreements with certain subsidiaries of its parent Diageo Plc
Early 2015
USL appoints PwC UK to conduct forensic audit on USL accounts from 2010-2013 for alleged fund diversion and financial irregularities in related party transaction among UB group companies
April 2015
USL board ask Vijay Mallya – owning 4% stake in USL, to step down for his involvement in alleged financial irregularities
May 1, 2015
The ICAI questions USL’s two auditors for financial irregularities in USL books from 2010-2013 to various United Breweries (UB) group entities, and alleged fund diversion of R2,100 crore
May 2015
Sebi asks United Breweries to restate accounts for last two years to address issues flagged by the auditors
July 2015
USL, owned by Diageo, sells 3.21% stake in United Breweries for R872 crore to Heineken International BV, the co-promoter of the beer company. Heineken’s stake rises to 42.2%
Nov 2015
Supreme Court admits petitions filed by British group Diageo Plc and United Breweries Holdings in a matter related to the sale of USL
Source: Stock exchange announcement, Media reports
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