United Breweries (Holdings) today said its members have given approval for the conversion of loans given by the company to Kingfisher Airlines into equity shares.
The approval for conversion of loans into convertible instruments, which are compulsorily convertible into equity shares, was given by members at the 94th Annual General Meeting of the company on September 30, 2010, UBHL said in a filing to the BSE.
Members have also approved the appointment of A Harish Bhat as Managing Director of the company for a period of three years, or till his date of superannuation, whichever is earlier, from the close of business hours on August 20, 2010, it further said.
United Breweries (Holdings) Limited operates in six segments: alcoholic beverages, investments, guarantee services, property development, leather shoes, sandals, uppers and other activities.
It owns a controlling stake in the UB Group's market leading companies United Spirits, United Breweries and Kingfisher Airlines, among others.
Shares of UBHL today closed at Rs 304.75 on the BSE today, up 1.01 per cent from the previous close.