As reported by the Vijay Mallya-led United Breweries Company to the Bombay Stock Exchange on Monday, by introducing treasury stock and that too with selected long term institutional investors, it has finally succeeded in raising Rs 285 crore.

United Breweries (UBL) is known as the largest beer company in India and along with Kingfisher beer it produces many other regional beer brands as well that includes Kalyani Black Label and Marco Polo.

Following the merger of Millenium Alcobev with other subsidiaries, the Benefit Trust of United Breweries Limited was found to have the treasury stock arising out of it. On Monday, the entire shareholding of UBL Benefit Trust was sold out and following this, since the beer maker is the sole beneficiary of this trust, according to the filing, the proceeds will be accumulated to UBL only.

On Friday, it has also been announced by United Breweries that they are planning to amalgamate with Millenium Beer Industries, United Millenium Breweries and UB Ajanta Breweries. This amalgamation will be approved on July 27 during a general meeting and that too under the provisions of the Sick Industrial Companies Act. This deal will also seek the sanctions from the board for industrial and financial reconstruction.