Sebi has asked UK-based Diageo to pay an interest of 10 per cent per annum for the period of delay to the public shareholders tendering their shares in the open offer.

Diageo Plc will launch its over Rs 5,441 crore open offer in January next year to acquire 26 per cent stake in Vijay Mallya-led United Spirits.

Shares of United Spirits were trading at its highest level in a year on the BSE.  Vijay Mallya-led United Breweries Holdings Ltd, the promoter of USL, holds 18.03 per cent stake in it as on September 30.

According to different reports, the deal could entail Diageo picking up to 51 per cent stake in USL which could be valued between $1 billion and $2 billion.

With the grounded airline accumulating debt of over Rs 13,000 crore and banks unwilling to bail it out, Vijay Mallya is fast running out of options to raise funds required to resume operations.

Spirits-to-airlines baron Vijay Mallya offloads 8.41 per cent in United Breweries (Holdings) without informing stock exchanges.

Once voted the best carrier in India, the business model of Kingfisher Airlines was always a recipe for disaster. Those in the aviation business were amazed and amused to see its self-styled 'king of good times' owner, Vijay Mallya, splurging on the airline as if there was no tomorrow..

UK-based liquor firm Diageo is expected to pick up close to 27-per cent stake in Vijay Mallya's United Spirits for about Rs 3,000 crore. This could help the billionaire get rid of some of the Kingfisher Airlines debt.

The Union government has initiated steps to contain the radiation emitted from mobile phones and towers following growing public concern over health hazards.

Kishore Biyani is planning to sell stakes in non-core businesses to cut debt and raise funds for expansion. Industrialist Tulsi Tanti promoted Suzlon Energy and liquor baron Vijay Mallya-led Kingfisher Airlines are among other firms looking to reduce debt by selling off assets.

The market is abuzz with talks of liquor baron and Kingfisher Airlines boss Vijay Mallya almost finalising a deal with Diageo Plc to sell his stake in United Spirits Ltd.

The Kingfisher Airlines chairman claimed that two foreign carriers stood ready to invest as soon as the change in the law (FDI in aviation sector) was announced - possibly within days.

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With assembly elections on in Tamil Nadu, the DMK is banking on populist measures to offset the damage to its image caused by the 2G spectrum scam. However, the measures have also had adverse consequences with the state paying a heavy price.

Contrary to popular perception, slowdown is often a good time for savvy spending. In the first of a three-part series on recession bargains, Sushmita Choudhury tells you how to sniff out offers on electronics, apparel and eating out.

The recent run-up in stock prices notwithstanding, a host of Indian promoters has little choice but to either sell assets or equity to survive the downturn.

A first-of-its-kind study of the wine market in India shows that 65 per cent of the nation’s wine consumers live in two cities—Delhi and Mumbai—yet the Rs 300-crore industry is growing at 25 per cent. Dhiman Chattopadhyay goes into the details.

Vijay Mallya’s aviation business has landed in a sea of red. Mallya has a survival plan, but he may need to look at drastic options to stay afloat. K. R. Balasubramanyam and Kushan Mitra go into the details.

Bewildered by the sheer number of gift options this festival season? Don’t be. Our gift guide has the answers you’re looking for.