USL shares jump nearly 7pc

MUMBAI, Jan 12 (PTI): Shares of United Spirits Ltd (USL) today surged nearly 7 per cent 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 per cent to settle at Rs 3,050.45 on the BSE. During the day, it gained 9.85 per cent to Rs 3,142.55 -- its 52-week high. At the NSE, shares of USL soared 6.30 per cent to end at Rs 3,037.
On the volume front, 0.16 million shares of the company changed hands at the BSE, while over 1.5 million 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 last Friday.
The company had said 76.33 per cent of the minority shareholders approved its proposal, a tad over the 75 per cent requirement.
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.