United Spirits (USL) proposed to sell 11.35% stake in Pioneer Distilleries on September 24, 2014. USL is the promoter and holding company of Pioneer Distilleries. It will sell 15,20,067 equity shares of Rs 10 each exclusively through a sale on the separate window provided by BSE and NSE for this purpose, under the SEBI OFS Circular.  

USL has appointed JM Financial Services as broker for the stake sale. The equity shares are listed on BSE, NSE and Pune Stock Exchange. The OFS will start at 9.15 am and close on 3.30 pm on Sep. 24, 2014. 

The allocation shall be made using the price priority method on the basis of multiple clearing prices in accordance with SEBI OFS circular. Bidders can bid under retail category or non-retail category. The cut-off price at which the entire offer gets sold shall be determined based on all valid bids, it said.

A minimum of 25% of the sale shares shall be reserved for allocation to mutual funds registered with SEBI under the SEBI Regulation Act,1996 as amended and  insurance companies registered with Insurance Regulatory And Development Authority Act, 1999. A minimum of 10% of the sale shares shall be reserved for retail investors who bids for shares of total value of maximum Rs 200,000.

USL will provide the floor price for the sale on September 23, 2014 in a sealed envelope to the designated stock exchange after the closure of the trading hours of the Stock Exchanges but not later than 5 p.m. Indian Standard Time, it said.

Shares of the company gained Rs 1, or 1.69%, to settle at Rs 60.00. The total volume of shares traded was 9,300 at the BSE (Monday).