Millennium Post

USL minority shareholders okay Diageo licensing deal

United Spirits Ltd (USL) on Saturday said that its minority shareholders have approved a proposal to enter into licensing and cost sharing agreements with certain subsidiaries of its parent Diageo Plc, which was rejected earlier last year. In a filing to the BSE, the company said a special resolution was approved by the shareholders “with requisite majority” at an extraordinary general meeting.

The company said that  76.33 per cent of the minority shareholders approved its proposal, a tad over the 75 per cent requirement. Although the promoter and promoter groups are required to abstain from voting, the filing said United Breweries (Holdings) Ltd, holding 2.90 per cent shares of the United Spirits and Kingfisher Finvest India Ltd, holding 1.14 per cent of the share capital, have exercised their votes in favour of the special resolution.

“Pursuant to the terms of the extra general meeting notice, the scrutiniser has invalidated the votes exercised by these entities,” it added.
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