Vijaya Mallya denies he is in talks with Diageo to sell 5% stake in USL

Earlier reports indicated that Vijaya Mallya will step down as United Spirits Chairman post the deal.

Vijaya Mallya has reportedly denied that he is in talks with Diageo to sell 5% stake in the United Spirits.

Earlier, reports stated that Vijaya Mallya will step down as  United Spirits Chairman post the deal. Reports had also stated that Vijay Mallya in talks with Diageo to sell 5% stake in USL at premium to market price and that the deal was valued at Rs. 3,000 crore.  

The proceeds would be used to repay ingfisher dues, the report had speculated.  

ET Now carried a clarification stating that Vijay Mallya has denied plans to sell stake in USL. Diageo did not comment on speculation, the television report added. 

United Spirits Ltd is currently trading at Rs. 3539.65, up by Rs. 90.45 or 2.62% from its previous closing of Rs. 3449.2 on the BSE.

The scrip opened at Rs. 3401 and has touched a high and low of Rs. 3548.95 and Rs. 3365 respectively. So far 124918(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 50127.22 crore.

The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 4080 on 05-Mar-2015 and a 52 week low of Rs. 2501 on 01-Dec-2014. Last one week high and low of the scrip stood at Rs. 3548.75 and Rs. 3131 respectively.

The promoters holding in the company stood at 58.87 % while Institutions and Non-Institutions held 28.59 % and 12.03 % respectively.

The stock is currently trading below its 200 DMA.