Calcutta, July 7: Diageo controlled United Spirits has sold its entire stake in Vijay Mallya-led United Breweries to Dutch beer major Heineken.

USL earned Rs 872 crore, excluding broker fees, through the block deal by selling 3.21 per cent of the equity share capital of United Breweries and in the process shed its promoter tag as well.

As of March 31, 2015, Heineken already held close to 38.9 per cent in the makers of Kingfisher beer through Heineken International and Heineken UK and Scottish Newcastle India Limited.

Following the transaction, Heineken International will increase its stake from 1.60 per cent to 4.81 per cent, helping the company to consolidate its presence in United Breweries.

While United Spirits' shares rose 2 per cent to Rs 3,499.55, United Breweries shares fell 1.08 per cent to Rs 1,014.10 on the Bombay Stock Exchange.

United Spirits in a statement today said that it had sold its stake to Heineken International BV for a price consideration of Rs 1,030 per share.

"The company has placed an order for sale by way of a block trade on National Stock Exchange of India of 85 lakh equity shares held by the company in United Breweries (constituting 3.21 per cent stake) to Heineken International BV," it said.

For Heineken, the purchase came at a premium as the book value of the shares was only Rs 15 crore. USL further said: "The sale consideration net of brokerage is Rs 872 crore, resulting in a profit on this transaction."

In November 2012, Diageo had bought a controlling 55 per cent stake in United Spirits Limited (USL) for about $3 billion (over Rs 11,000 crore) from the Mallya-promoted UB Group. Earlier this year, United Spirits asked its erstwhile promoter and current chairman Vijay Mallya to quit the board alleging fund diversion to the tune of Rs 1,337 crore to Kingfisher and other UB group entities although the liquor baron rejected the demand and the charge.

USL today said that following the completion of this sale, it will "hold no shares in United Breweries and will cease to be a promoter of United Breweries Limited".

The company further said that the sale of equity is part of its efforts to monetise its non-core assets.

USL last year had decided to sell its units in Andhra Pradesh and Kerala and has already closed a unit in Bengal earlier this year citing space constraints for expansion. In 2014-15, USL's consolidated net loss was Rs 1,956 crore compared with Rs 4,489 crore a year ago.

United Spirits also reportedly received notices from the ministry of corporate affairs and the income tax department for the inspection of its book subsequent to a probe ordered by its new management over alleged irregularities in loans given by it to various companies of Vijay Mallya-led UB Group.

The board of United Spirits had asked managing director and chief executive officer Anand Kripalu to further probe "possible existence of any other transaction of a similar nature" with certain "additional parties".