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Wednesday, Mar 09, 2005

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Nod for Vani Sugars' merger plan

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HYDERABAD: Shree Vaani Sugars & Industries Ltd has informed stock exchanges that its board has approved the draft scheme of amalgamation and arrangement under which the company will be merged with Karnataka Breweries and Distilleries Pvt Ltd (KBDL) and the brewery division of KBDL will be demerged into Sapthagiri Distilleries Pvt Ltd (SDPL) with effect from April 1 (appointed date).

Currently, KBDL, which has two broad business divisions - brewery and distillery - has received offers for buying out the brewery division. The demerger of the brewery division is to facilitate its sale at a later date. The draft scheme envisages issue of shares by KBDL to all the shareholders of the company in the ratio of 1:50, one share in KBDL of face value of Rs 10 fully paid-up for every 50 share of Rs 10 each held in the company.

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