United Spirits - Outcome Of Board Meeting

United Spirits Ltd has informed that the Board of Directors of the Company at their meeting held on November 28, 2007 has considered and approved the following proposal:

1. Merger of Shaw Wallace & Company Ltd (SWC) and Primo Distributors Pvt Ltd (Primo) with United Sprits Ltd (the Company)

a. The Appointed Date for the merger will be April 1, 2007

b. As Primo is wholly owned subsidiary of the Company, there is no consideration in respect of merger of Primo with the Company.

c. In respect of merger of SWC, the Company shall allot shares in the following ratio:

i. 4 fully paid up equity share of Rs 10 each for every 17 equity shares of Rs 10 each held in SWC

The share exchange ratio has been determined based on the recommendation of two independent Valuers viz,, M/s. Dalal & Shah, Chartered Accountants and Grant Thornton India Pvt Ltd

2. The Board of Directors has also approved the scheme for merger of Zellnka Ltd (Zellnka) with the Company. As Zellnka is wholly owned subsidiary of the Company, there is no consideration in respect of merger of Zellnka with the Company. The Appointed Date for the merger will be April 1, 2007.

The Scheme is subject to requisite consent, approval of the requisite majority of the shareholders, lenders, creditors of the companies, the Honble High Court of Bombay, Karnataka and Calcutta, the permission or approval of the Central Government or any other statutory or regulatory authorities, which by law may be necessary for the implementation of the Scheme.