Mount Everest Breweries Limited entered into a scheme of arrangement to acquire Associated Alcohols & Breweries Limited (BSE:507526) in a reverse merger transaction on August 9, 2022. As per the terms of the transaction, the shareholders of Associated Alcohols & Breweries will receive 773 equity shares of Mount Everest Breweries for every 1,000 equity shares of Associated Alcohols & Breweries Limited. Upon completion of merger, AABL shall cease to exist, the merged entity will be a publicly listed company on National Stock Exchange of India Limited and BSE Limited in India. The proposed amalgamation of the two companies is subject to receipt of requisite approvals from the statutory authorities including Securities Exchange and Board of India, National Stock Exchange of India Limited, BSE Limited, the National Company Law Tribunal (Indore Bench), and the respective shareholders and creditors of AABL and MEBL. As of March 2, 2023, BSE has returned the scheme to the company with advice to reconsider the scheme along with valuation. Transaction Square LLP have acted as the transaction advisor to this transaction. Bonanza Portfolio Ltd. provided the fairness opinion.

Mount Everest Breweries Limited cancelled the acquisition of Associated Alcohols & Breweries Limited (BSE:507526) in a reverse merger transaction on August 10, 2023.