Kingfisher shares jump on United Spirits, Diageo deal
MUMBAI (Reuters) - India's debt-laden Kingfisher Airlines (KING.NS) extended gains after Reuters reported its chairman Vijay Mallya clinched a deal to sell a stake in United Spirits (UNSP.NS) to Diageo (DGE.L), on hopes the money raised could be used to revive the carrier.
Diageo is set to acquire a 53.4 percent stake in United Spirits for more than $2 billion, according to an internal memo related to the deal obtained by Reuters.
Kingfisher's flight license has been suspended by aviation regulators. As of 3:27 p.m., Kingfisher shares were up 4.7 percent, while United Spirits shares were up 0.7 percent.
(Reporting by Rafael Nam; Editing by Anand Basu)
- Tweet this
- Share this
- Digg this
Finance Minister Arun Jaitley favours a cut in interest rates to trigger demand in the construction sector, a newspaper report said on Saturday, but the Reserve Bank of India (RBI) has signalled it will not ease policy until it is confident of lower inflation. Full Article
Euro zone risks "relapse into recession" without structural reforms - Draghi. Full Article
Kalki Koechlin on her role as a disabled girl in “Margarita, With a Straw” Full Article