United Spirits, engaged in manufacturing of beverage alcohol, has exited from United Breweries after selling 3.2% stake to Heineken International BV.

The company placed an order for sale by way of a block trade on NSE of 8.5 million equity shares in United Breweries. It sold stake to Heineken International BV at a price consideration of Rs 1,030 a share. The sale consideration net of brokerage is Rs 8.72 billion resulting in profit on this transaction.

After completion of this transaction, the company will not hold any shares in United Breweries. This divestment was a part of the process of monetizing certain core assets, the company said.

Shares of the company gained Rs 68.6, or 2%, to settle at Rs 3,499.55. The total volume of shares traded was 33,136 at the BSE (Tuesday).