United Spirits to sell 11.35% stake in Pioneer Distilleries on Sept 24

United Spirits will sell 11.35 per cent stake in Pioneer Distilleries to comply with regulatory requirements of having 25 per cent public shareholding.

In a filing to the Bombay Stock Exchange (BSE), USL said, "The promoter and holding company of Pioneer Distilleries Ltd propose to sell 15,20,067 equity shares of Rs 10 each representing 11.35 per cent of the equity shares of the company (Pioneer) on September 24..."

USL said the sale would be held between at 9:15 am and 3:30 pm on September 24, while the floor price would be provided to stock exchanges on September 23.

The sale will be carried out on a separate window provided by the BSE and National Stock Exchange (NSE) under the Securities and Exchaneg Board of India (Sebi) OFS (offer for sale) circular.

The company said no discount is being offered for retail investors.

As per information available on the BSE, as on June 2014, the promoter and promoter group held 86.35 per cent in Pioneer Distilleries, while public shareholding is 13.65 per cent.

In June 2010, the government had amended the Securities Contract (Regulations) Act rules, which made it mandatory for all listed companies to have a minimum of 25 per cent public shareholding.

Shares of Pioneer Distilleries were trading at Rs 60 a piece in afternoon trade, up 1.69 per cent from the previous close on the BSE.