Pioneer Distilleries down 5% after fixing swap ratio for merger with USL

10 equity shares of Rs 2 each of USL, will be issued for every 47 equity shares of Rs 10 each held by shareholders of the Pioneer Distilleries.

Shares of Pioneer Distilleries were locked in 5 per cent lower circuit at Rs 130.70 on the BSE on Tuesday after the board fixed swap ratio of 1:4.7 for the proposed merger with parent company United Spirits (USL). The stock slumped 10 per cent from its intra-day high of Rs 144 touched in early morning trade.

“10 equity shares of Rs 2 each of USL, to be issued for every 47 equity shares of Rs 10 each held by shareholders of the Company, in the ratio of 1:4.7 to the shareholders of the Company, as on the record date