India: United Breweries shareholders approve plan to increase borrowing powers

Shareholders of United Breweries (Holdings) by way of postal ballot have approved the company’s plan to increase borrowing powers up to an aggregate limit of Rs 5,000 crore, Business Line reported on August, 1.

Company note to exchanges said, on the basis of the scrutiniser’s report, it is announced that the ordinary resolution in the notice dated May 30, has been duly approved by the shareholders with the requisite majority as on July 29.

Shareholders also approved creation of mortgage and charge in favour of bankers, financial institutions, mutual funds, or other lenders to secure the borrowings up to an aggregate limit of Rs 5,000 crore.

About 52.36 per cent of the total shareholders took part in the postal ballot of which 99.83 per cent voted in favour of the resolutions and 0.17 per cent voted against it.

07 August, 2013