UB group has officially announced the consolidation of its spirits business into a single entity with a combined sales of about Rs 3,000 crore and a portfolio of 30 brands including Bagpiper. Vijay Mallya the Umgroup Chairman said on Thursday the group has propsed to combine all its spirits companies including Shaw Wallace Distilleries and Mc Dowell andCo, under a single entity. Mr Mallya also said that Mc Dowell and Co has received expressions of interest ranging from $ 100-200m at attractive valuations. Herbertsons will get 2 fully paid paid-up shares of Mc Dowell for every 3 shares of Rs 10 each of Herbertsons. UDIL the ratio is fully paid-up equity shares of Rs 10 each held in UDIL. All these companies will be merged into Mc Dowell, which will be re-christened United Spirits eventually. The Board of Mc Dowell has approved the merger proposal . The Mc Dowell board also has cleared the proposal for demerger of the investment business into Mc Dowell India Spirits. The board of directors also have approved the merger scheme of Asian Opportunities and Investment and Zrelinka into Mc Dowell. No shares will be issued in consideration of the merger since both entities are wholly-owned subsidiaries of Mc Dowell.
Posted On : 9/23/2005 3:40:54 PM