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Our Bureau

Bangalore , Sept. 22

THE board of Herbertsons Ltd today approved the merger of the company with McDowell & Co. The merger will be effective from July 1, 2005.

The board has also announced a merger ratio of two McDowell shares for every three Herbertsons shares held. Consequently, the equity capital of McDowell will go up, to a little over Rs 58 crore.

McDowell share closed at Rs 399.55 having lost about 10 per cent during the day. In March this year, the UB Group acquired Herbertsons Ltd taking into its fold brands such as Bagpiper Whisky and Honeybee Brandy.

Meanwhile, the board of McDowell & Co has announced the demerger of the investment business into McDowell India Spirits Ltd. Consequently, shareholders of McDowell will be issued one share of MISL for every five shares of McDowell held by them .

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