February 3, 2014 / 6:38 AM / 4 years ago

MARKET EYE-India's United Spirits gains after Diageo raises stake

* United Spirits Ltd shares rise 2.9 percent after
Relay B.V., an indirect wholly owned subsidiary of Diageo Plc
, increased its stake in the company to 28.77 percent
from 26.37 percent on Friday, exchange data showed.
* Relay B.V. bought 3.5 million shares on the Bombay Stock
Exchange, whereas Oppenheimer Funds Inc sold 3.64 million shares
via block deals on Friday, BSE data shows.
* Diageo completed its takeover of United Spirits in July,
almost eight months after the companies announced the deal
because of legal and regulatory difficulties. 
* In December, a regional Indian court ordered the annulment of
the sale of United Spirits to Diageo, dealing another blow to a
transaction beset by complications, though Diageo said it would
appeal the decision. 

 (dipika.lalwani@thomsonreuters.com)

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