India: Stock split at UB

Vijaya Mallya-controlled United Breweries Ltd (UB) approved May 24 a stock split besides clearing the amended composite scheme of arrangement, The Telegraph communicated May 25.

The shareholders approved the stock split at its extraordinary general meeting, the Bangalore-based liquor producer informed the stock exchanges.

The Extraordinary General Meeting unanimously gave its go ahead for the sub-division of equity share Rs 10 each into 10 equity shares of Re 1 each, United Breweries said.

It is further proposed to allot 4218 equity shares of Rs 10 each of the company to the shareholders of Mangalore Breweries and Distilleries Ltd (MBDL) following composite scheme of arrangement between Associated Breweries & Distilleries Ltd, MBDL and the company, it said.

In view of this sub-division now 42,180 equity shares of Re 1 each shall be allotted to the equity shareholders of MBDL on the record date to be fixed by MBDL. Earlier, the UBL's shareholders & creditors approved the amended composite scheme of arrangement between Associated Breweries & Distilleries Ltd, MBDL, and the company and their respective shareholders, with requisite majority, it added.

The shares of the company closed at Rs 1473.85, indicating 0.56 per cent increase on the BSE.

E-malt.com, the global information source for the brewing and malting industry professionals. The bi-weekly E-malt.com Newsletters feature latest industry news, statistics in graphs and tables, world barley and malt prices, and other relevant information. Click here to get full access to E-malt.com. If you are a Castle Malting client, you can get free access to E-malt.com website and publications. Contact us for more information at marketing@castlemalting.com .