Diageo-controlled United Spirits Ltd (USL) on Monday said it has got the board's approval to merge its listed subsidiary Pioneer Distilleries Ltd into the company.
The board of the company has also authorised the company to file its "scheme of amalgamation and arrangement" along with the relevant disclosures, documents, certifications and undertakings with the stock exchanges.
"The board of directors of USL at its meeting held Monday considered and approved a scheme of amalgamation and arrangement in relation to the proposed merger of the company's listed subsidiary Pioneer Distilleries with the Company," said USL.
In an identical filing, Pioneer Distilleries also informed the exchanges it has got approval from the board for the proposed merger of the company with USL.
The scheme would be subject to the receipt of requisite approvals from various statutory authorities including SEBI, NSE, NCLT and the shareholders and creditors.
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