India: UB approves Rs 60 cr corporate guarantee for group firm

United Breweries Ltd, the flagship company of Vijay Mallya's UB Group, said on July 9 it has given approval for giving corporate guarantee of Rs 60 crore in favour of Axis Bank on behalf of United Millennium Breweries, according to India Times.

The company sought the approval of shareholders for this purpose through postal ballot, United Breweries said in a filing to the Bombay Stock Exchange.

The shareholders gave the permission for arranging the corporate guarantee with requisite majority for the group company, United Millennium Breweries, it said.

Shares of the company closed at Rs 142 at the BSE, down 5.42 per cent from the previous close.

12 July, 2008