Mumbai: United Spirits Ltd has transferred its entire stake in United Breweries Holdings to McDowell Holdings due to the restructuring of its investment business.
In a filing to the Bombay Stock Exchange, United Breweries said that United Spirits (formerly McDowell and Company Ltd) has transferred its entire stake of over 52.60 lakh shares, representing 8.85% to McDowell Holdings (formerly McDowell India Spirits Ltd) on March 27.
This transfer was consequent to the Karnataka and Bombay High Court order sanctioning the composite scheme of arrangement entailing the demerger of the investment business of Vijay Mallya-led United Spirits Ltd to McDowell Holdings Ltd.
Consequent to this transfer, McDowell Holdings would now have 8.85% stake in United Breweries Holdings, representing over 52.60 lakh shares.
“The shares held by United Spirits Ltd in United Breweries Holdings stood transferred to and vested with McDowell Holdings Ltd with effect from Mar 27,” United Breweries added.
The shares of United Breweries were trading at Rs 360.25, down 0.73% on the BSE.