United Spirits announced its step down subsidiary, UB Sports Management Overseas has merged with its holding company, Palmer Investments Group (subsidiary of the company) on 22 July 2020. The merger of UB Sports Management Overseas with Palmer Investment Group will inter alia simplify the corporate structure of the Company.
This transaction is not a related party transaction. No benefit will accrue to promoter/promoter group of the Company due to the aforesaid merger. Since UB Sports Management Overseas Limited was a wholly owned subsidiary of Palmer, no fresh shares of Palmer are being issued arising out of this merger. Palmer continues to be wholly owned subsidiary of the Company and consequently there is no change in shareholding pattern of Palmer or the Company arising out of the aforesaid merger.
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