Persons in News
Latest Persons in news Current Affairs 2019. National and International Personalities in news Current Affairs 2019, India and world Persons in news Current Affairs 2019 with all important national updates and events for the year 2019.
Former India skipper Mohammad Azharuddin’s life ban lifted by a Andhra Pradesh High Court. The High Court struck off the lower court’s order which justified the life ban on Azharuddin in 2000 by BCCI. In 2000, the BCCI conducted an internal inquiry following the publication of the CBI report then and K. Madhavan who led the inquiry concluded that Azharuddin was guilty of match-fixing and the three others had links with bookmakers.
Tags: 2012 • Andhra Pradesh [APPSC] • BCCI • Cricket • Current Affairs 2012
International liquor major Diageo to acquire 53.4% stake in Vijay Mallya-owned United Spirits Ltd. (USL) for Rs.11,166.50 crore. Diageo has entered into agreements with United Breweries (Holdings) Ltd. and USL to acquire 27.4% stake in USL for Rs.5,725 crore at Rs.1,440 a share. As a result of this move, UB Holding and associate companies will sell 19.3% stake to Diageo and a large part of this money will directly go to UB Holdings, which will de-leverage its balance sheet.
After this stake sale, the UB Holdings group’s shareholding in USL will come down to 14.9 per cent. Mr. Mallya will continue as Chairman of USL and UBHL.
As this agreements will trigger the SEBI’s takeover code, Diageo will have to launch an open offer to buy 26% stake from the public at Rs.1,440 a share. The open offer will cost Diageo Rs.5,441 crore. Shareholders need to approve this proposal. On completion of this process, Diageo will hold a total of 53.4 per cent stake in USL with an aggregate cost of Rs.11,166.50 crore.
Analysts held that this was a good deal for Mr. Mallya the deal is in line with market expectations and Mr. Mallya fetched more money than expected.