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History of Herbertsons Ltd.

YEAR EVENTS 1936 - The Comp. was incorporated as a private limited Comp. on 29th September, to take over the business of H. B. McKerrow & Comp. limited & of Herbert Son & Comp. [Calcuttas] limited The Comp. was initially engaged in the import & distribution of liquor & foodstuffs such as Black & White whiskey, Heineken Beer, Kraft Cheese, Plumrose Foods & Peek Frean biscuits as well as old spice toiletries.

1969 - D&P Products Pvt. Ltd., a processed food unit manufacturing a range of processed foods like jams, squashes, tomato ketchup and canned fruits was amalgamated with the company.

1974 - The Comp. launched its own brand of liquor Honey Bee Brandy, Bag Piper whisky, Royal Treasures White Rum, Romanov Vodka and High Society Gin.

1991 - The UB - MEC Batteries limited was amalgamated with the company under the provisions of Industrial Reconstruction Bank of India Act, 1984 with retrospective effect from 1st July 1988.

- 41,32,273 equity shares & 6,535 9.3% Pref. shares issued, subscribed & paid-up.

1992 - The turnover of Comp. amounted to Rs 138.27 crores. The performance of Comp. was satisfactory despite competition from foreign liquors.

- Bombay Breweries limited [BBLs], a subsidiary of UB Ltd., was amalgamated with the Comp. with restrospective effect from 1st April. The members of erstwhile BBL were allotted 1,50,050 equity shares of Rs 10 each pursuant to the scheme of amalgamation.

- The Comp. undertook to implement brewery project at Taloja in Maharashtra.

- 2,50,050 equity shares pursuant to scheme of amalgamation. 40,42,150 equity shares issued on conversion of partly convertible debentures.

- In February, the Comp. issued 3,60,000 - 15% secured redeemable partly convertible debentures of Rs. 300 each through prospectus of which 18,000 debentures were offered to the employees [only 9,940 debentures taken ups]. The remaining 3,42,000 debentures along with 8,060 debentures not taken up by employees were offered to the public. All were taken up. Additional 5,40,000 debentures were allotted to retain oversubscription.

- Part A of Rs 75 of each debenture was to be converted into five equity shares of Rs 10 each at a premium of Rs 5 per share on the date of allotment of debentures. Accordingly, 20,70,000 equity shares were allotted in April.

1993 - The turnover marginally declined to Rs 137.38 crores due to steep increase in the prices of molasses & rectified spirit following decontrol in May 1993 coupled with transporters strike during July/September.

- 6,535, 9.3% CR Pref. shares redeemed during the year. 97,850 shares re-issued on forfeitures.

1994 - The turnover rose significantly to Rs 224.22 crores despite continued prohibition in Andhra Pradesh. The Company launched 'Herbertsons Indian Salute' a new whisky in the premium segment. The Comp. has taken up the distribution of popular brand of scotch whiskey - VAT 69.

- The Comp. Brewery undertaking at Taloja commenced commercial production in the first quarter of year.

- BDA limited became a wholly owned subsidiary of Comp. during February.

1995 - 'Kalayani Black Label premium strong beer' was launched. - 1,000,000 equity shares allotted pursuant to scheme of amalgamation on conversion of 14% FCD allotted to the members of erstwhile Sona Distilleries Ltd.

1996 - The turnover declined to Rs 188.83 crores due to continued prohibition in Andhra Pradesh & introduction of prohibition in Haryana.

- The Brewery Project was transferred to United Breweries Ltd.

- 10,00,000 equity shares were allotted on conversion of fully convertible of fully convertible debentures. Each debenture was converted into 5 equity shares of Rs 10 each at a premium of Rs 5 per share with effect from 11th August 1995.

1997 - The sales volume grew by 28%, while turnover declined to Rs 151.19 crores from Rs 188.83 crores in the previous year. Company premier brand Bagpiper Whisky recorded 30% growth during the year.

2000 - Herbertsons limited India third largest spirits Comp. launched Bagpiper rum. 2001 - The Comp. has launched a new brand of brandy called Joie de Franc', in the premium segment.

- The Comp. has launched the Honey Bee Premium Brandy with a new packaging in Tamil Nadu.

- The Mumbai High Court September 28 ruled that Herbertson vice-chairman Kishore Chhabria additional 21 per cent stake in Herbertson which he picked up from the market was void

2004

-Mr KR Chhabria & Mr MD Chhabria [The acquirerss], along with persons acting in concert [PACss] had made an open offer [the offers] to the shareholders of Herbertsons Ltd [HLs] pursuant to SAT order dated August 1, 2003 to acquire from them upto 1904465 equity shares [representing 20% of paid up share capital of HLs].

-Mr. Vijay Mallya increases his holding in the Comp. by 7.11% from 28.55% to 35.66%