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| Exchange Disseminated Time | United Spirits Ltd has informed BSE that the Board of Directors of the Company at its meeting held on May 09, 2014, has recommended to the board of directors of its indirect wholly owned subsidiary United Spirits (Great Britain) Limited, to consider the sale of the entire issued share capital of Whyte and Mackay Group Limited (Whyte & Mackay) to Emperador UK Limited, a subsidiary of Emperador Inc., the leading Philippines based integrated manufacturer and distributor of brandy as well as other alcoholic beverages, for an enterprise value of £430 million and upon the terms and subject to the conditions set out in a share sale and purchase agreement between United Spirits (Great Britain) Limited, Emperador UK Limited and Emperador, Inc and an associated tax deed. United Spirits (Great Britain) Limited has approved the sale and entered into the share sale and purchase agreement with Emperador UK Limited and Emperador, Inc.
The sale is subject to necessary Indian and UK regulatory approvals and shareholder approvals, including an approval by the Reserve Bank of India since the sale will result in a significant write off of loan amounts recoverable by the Company from its overseas subsidiary. The Company shall issue a postal ballot notice and explanatory statement to the shareholders of the Company to seek their approval in due course as required.
In terms of the Code of Conduct adopted by the Company for prevention of insider trading in the securities of the Company pursuant to the provisions of the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 1992, the trading window of the Company is closed from May 3, 2014 to May 18, 2014 (both days inclusive). |
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