The announcement was made after market hours yesterday, 14 October 2020. Shares of United Spirits fell 0.36% to settle at Rs 524 yesterday.
The purchaser, Sri Balaji Impex (SNG) Pte., Singapore is not a promoter or part of the promoter group of the company. Upon completion of the sale, Tern Distilleries will cease to be a subsidiary of the company, United Spirits said.
For the financial year ended March 2020, Tern Distilleries was a non-operative company and consequently did not have any turnover or operating revenue. It had an interest income of Rs 0.67 lakhs and a net worth of approximately Rs 13.42 crore representing 0.36% of United Spirits' consolidated net-worth.
United Spirits manufactures and distributes a variety of alcohols and spirits, including whiskey, brandy and rum. The company also manufactures Indian-made foreign liquor brands.