Stake dilution in Pioneer Distilleries

Amidst the Kingfisher saga, United Spirits (USL) has decided to dilute 6.99 per cent stake in Pioneer Distilleries through an offer-for-sale on Tuesday. It will be interesting to see who the buyers are. The USL move is to meet the SEBI guideline of maintaining at least 25 per cent public share holding. The deadline for minimum public holding expires next June. Currently, USL holds 81.99 per cent stake in Pioneer Distilleries, which on Friday jumped 5 per cent to close at Rs 50.60 on the BSE. At Friday's close, United Spirits will be able to raise about Rs 5 crore from the deal.