Business   

4:17 swap for USL, SWC merger

KOLKATA: The corporate entity of the 72-year-old liquor company Shaw Wallace and Company (SWC), on Friday passed into history following its amalgamation into United Spirits Ltd (USL).

At a court-convened meeting, a majority of the SWC shareholders approved the merger of the former Manu Chhabria-controlled company. The meeting, for seeking shareholders’ approval for the scheme of amalgamation was chaired by Pradip Mitra who was appointed by the court. While 390.31 lakh votes were polled in favour of the merger there were 303 votes against the proposal. Altogether 93 ballots were cast. The merger becomes effective from April 1, 2007. The swap ratio has been fixed at four shares of USL for every 17 shares of SWC.

However, while the corporate entity was being dissolved, some of the brands would retain their identity.

Printer friendly page  
Send this article to Friends by E-Mail

Stories in this Section

REMFs must invest 35 % of assets in real estates
Bharti Airtel’s net profit at Rs. 6,700 cr.
4:17 swap for USL, SWC merger
3i Infotech net improves
Fixed line telephony to be exempted from licence fee
Sharp rise in MRF’s profit
Andhra Bank records Rs. 576 crore net
$450 m ADB loan for Tata Power’s Mundra ultra mega power project
State Bank of Travancore net profit up 18 %
SBH posts 10% higher net profit
Rupee recovers
Prizy catch
Vannamei shrimp may enter farms soon
Funds sought to develop Thangasserry port
Sensex retraces 17000
Exchange Rates
Bullion Rates

Copyright © 2008, The Hindu. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu