Mumbai: Shares of United Spirits Ltd (USL) Monday surged nearly 7 percent as the company's minority shareholders have approved a proposal to enter into licensing and cost sharing agreements with certain subsidiaries of its parent Diageo Plc, which were rejected earlier last year.
USL's scrip climbed 6.63 percent to settle at Rs 3,050.45 on the BSE. During the day, it gained 9.85 percent to Rs 3,142.55 -- its 52-week high. At the NSE, shares of USL soared 6.30 percent to end at Rs 3,037.
On the volume front, 1.63 lakh shares of the company changed hands at the BSE, while over 15 lakh shares were traded at the NSE during the day.
In a filing to the BSE on Saturday, the company had said a special resolution was approved by the shareholders "with requisite majority" at an extraordinary general meeting held on Friday.
The company had said 76.33 percent of the minority shareholders approved its proposal, a tad over the 75 percent requirement.
Although the promoter and promoter groups are required to abstain from voting, the filing had said United Breweries (Holdings) Ltd, holding 2.90 percent shares of the United Spirits and Kingfisher Finvest India Ltd, holding 1.14 percent of the share capital, have exercised their votes in favour of the special resolution.
The approval by the minority shareholders comes nearly two months after they had rejected as many as 9 of 12 resolutions, including some pertaining to pacts with entities connected to erstwhile promoter Vijay Mallya.
