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With the High Courts of Karnataka and Madras sanctioning the scheme of amalgamation of Associated Breweries and Distilleries Ltd (ABDL), Millennium Alcobev Private Ltd (MAPL) and Empee Breweries Ltd (EBL) into United Breweries Ltd (UBL), the committee of directors of UBL has at its meeting on March 11, 2011, approved allotment of 14,496,683 equity shares of Re 1 each of UBL to the eligible shareholders of MAPL and EBL in terms of the scheme.
In another development, United Breweries Ltd has informed the stock exchange that its board of directors at its meeting on March 11, 2011, has approved the amalgamation of Chennai Breweries Private Ltd (CBPL) into United Breweries Ltd (UBL).
The share exchange ratios for the amalgamation were recommended by two independent valuation experts: Grant Thornton and SSPA & Co while Ambit Corporate Finance Private Ltd will provide fairness opinions on the swap-ratios recommended by the independent valuation experts.
As per the amalgamation scheme, UBL will issue shares to the shareholders of CBPL in the following ratio: 17 fully paid equity share of UBL of Re 1 each for every 30 fully paid equity shares of CBPL of Rs 10 each.
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