United Breweries hits record high on amalgamation reports

United Breweries hits record high on amalgamation with Scottish & New Castle report

United Breweries has rallied 4.5% at Rs 657, extending its yesterday’s 9% surge after the company said that it is considering amalgamation with Scottish & New Castle (India). The Vijay Mallya promoted UB Group Company is seeking shareholders' nod for amalgamation on September 24,

“Pursuant to order dated August 17, 2012 of the Hon'ble High Court of Karnataka, Court convened meeting of equity shareholders will be held on September 24, 2012 for the purpose of considering and if thought fit, approving the scheme of amalgamation between Scottish and Newcastle India Pvt. Ltd. and United Breweries and their respective Shareholders and Creditors,” United Breweries said in a filing.

The stock opened at Rs 634 and hit a record high of Rs 659 on the BSE. A combined 883,819 shares have changed hands on the counter so far on both the exchanges.

The other UB Group companies such as United Spirits and United Breweries (Holdings) are also trading higher by 3-5% on the BSE.