United Spirits Limited (NSEI:MCDOWELL-N) agreed to acquire remaining 25% stake in Pioneer Distilleries Limited (BSE:531879) for INR 4.3 billion on December 2, 2019. Under the terms, United Spirits Limited will issue 10 equity shares of INR 2 each for every 47 shares of INR 10 each held by the shareholders of Pioneer Distilleries Limited. Post the merger, United Spirits's issued capital is expected to expand by 0.712 million shares and the revised shareholding of Relay BV (the holding company, a subsidiary of Diageo plc) in the Company will change from 55.94% to 55.88%. Post-acquisition, the shareholding of United Spirits Limited shall stand cancelled and Pioneer Distilleries Limited shall stand amalgamated in United Spirits Limited. The transaction is subject to receipt of requisite approvals from the relevant statutory authorities including Securities Exchange and Board of India, National Stock Exchange of India Limited, BSE Limited, the National Company Law Tribunal, and the respective shareholders and creditors of Pioneer Distilleries Limited and United Spirits Limited. The Board of Pioneer Distilleries Limited approved the transaction. The Board of United Spirits Limited approved the transaction. The BSE Limited and the National Stock Exchange of India Limited have issued their no-objection to the draft scheme and related documents filed. Pioneer Distilleries Limited held a shareholders meeting approving the Scheme on September 30, 2021 and is currently awaiting the NCLT approval. Subsequently, a joint petition to sanction the Scheme has been filed by USL and the Company with the NCLT on October 2, 2021. Pioneer Distilleries Limited petition was heard by the NCLT on January 12, 2022 and has been adjourned and rescheduled to February 23, 2022. As of November 17, 2022, NCLT has approved the acquisition. S. R. B. C. & Co. acted as accountant, Saffron Capital Advisors Private Limited and Pantomath Capital Advisors Private Limited acted as fairness provider to United Spirits Limited in the deal.

United Spirits Limited (NSEI:MCDOWELL-N) completed the acquisition of remaining 25% stake in Pioneer Distilleries Limited (BSE:531879) on December 30, 2022.