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USL to shed 11.35% stake in Pioneer Distilleries

In a filing to the 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 24 September...’

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

As per information available on the BSE, as on June 2014, promoter and promoter group held 86.35 per cent in Pioneer Distilleries Ltd, 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.

USL said the sale will be held between at 9.15 am and 3.30 pm on 24 September, while the floor price will be provided to stock exchanges on 23 September.

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