British distiller Diageo Plc gained Indian capital market regulator Sebi's approval for its open offer for buying a stake Vijay Mallya's Pioneer Distilleries.

Under the proposal, which is part of the Diageo-United Spirits Ltd deal, the British distiller will acquire shares worth Rs 15.78 crore of Pioneer Distilleries.

The open offer would be tabled by Diageo Plc's subsidiary Relay B V, Diageo and United Spirits. These entities have plans to buy up to 2,466,168 shares of Pioneer Distilleries. Each share has a face value of Rs 10 at an offer price of Rs 64.02.

United Spirits, in which the British firm has become a notable shareholder, currently holds 81.58 per cent stake in Pioneer Distilleries. Through the upcoming open offer, the British firm wants to acquire all the remaining shares in the Indian distller.

Diageo's open offer for Pioneer Distilleries is scheduled to start on 28th of August and end on 11th of September.

Shares of United Spirits slipped 2.07 per cent to close at Rs 2,182.90 apiece on Monday.