Herbertsons Ltd., India’s third-largest liquor company, said its board approved the company’s purchase by market leader McDowell & Co.
Herbertsons investors will get two shares of McDowell for every three shares held, the Mumbai-based company said in a statement to the Mumbai stock exchange.
Herbertsons, 49.06 per cent held by Kishore Chhabria, in March agreed to be bought over by UB Group’s McDowell as part of the Vijay Mallaya group’s plan to consolidate its liquor business against the entry of overseas companies.
Mallya is also chairman of McDowell.
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