Hon´ble High Court sanctions Scheme of Arrangement between United Breweries and Mangalore Breweries

United Breweries Ltd has informed BSE that the Hon´ble High Court of Karnataka has sanctions the Composite Scheme of Arrangement of Amalgamation of Mangalore Breweries & Distilleries Ltd with the Company.

The Scheme for demerger of the brewery business of Associated Breweries & Distilleries Ltd into the Company has also been granted by the Hon´ble High Court of Mumbai on August 07, 2006.

Further the Company has informed that, in terms of the Scheme, the Company will be allotting 42180 Equity Shares of Re 1/- to the Equity Shareholders of Mangalore Breweries & Distilleries Ltd after the approval of the Board of Directors. Since Associated Breweries & Distilleries Ltd is a wholly owned subsidiary of the Company no consideration is being paid in terms of the Scheme.

Source : Equity Bulls

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