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Bangalore , Aug. 21

The Karnataka High Court has sanctioned the composite scheme of arrangement of amalgamation of Mangalore Breweries & Distilleries Ltd with United Breweries Ltd. In a BSE notification today, UB Ltd said the company would allot 42,180 equity shares of Re 1 to the equity shareholders of Mangalore Breweries & Distilleries Ltd after the approval of the Board of Directors.

The notification also stated that the scheme for demerger of the brewery business of Associated Breweries & Distilleries Ltd into the company was granted by the High Court of Mumbai on August 7, 2006. As Associated Breweries & Distilleries Ltd is a wholly owned subsidiary of the company no consideration is being paid in terms of the scheme, the notification said.

More Stories on : Mergers & Acquisitions | Breweries | Courts/Legal Issues

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