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Liquor maker, United Spirits Ltd (USL), on Friday said its wholly owned subsidiary Chennai Breweries Pvt Ltd (CBPL) has approved to merge itself into United Breweries Ltd (UBL).
“CBPL, at their meeting held today has considered and approved the amalgamation of CBPL into UBL,” USL said in a filing to the Bombay Stock Exchange (BSE).
As per the amalgamation, shareholders of CBPL will receive 17 fully paid equity shares of UBL of one rupee each for every 30 fully paid equity shares of CBPL of Rs 10 each.
Shares of USL today closed at Rs 1,065.10 on BSE, down 1.30 per cent from its previous close.
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