The country's largest liquor maker, United Spirits, today said its shareholders has approved raising up to $350 million (Rs 1,622.62 crore) to repay part of its debt.
The shareholders passed a special resolution to this effect at the 10th annual general meeting held on September 30, Vijay Mallya-controlled United Spirits said in a filing to the Bombay Stock Exchange.
The shareholders authorised the board of directors to raise the said amount by evaluating various options, including qualified institutional placement and issuing securities in accordance with the Sebi guidelines.
The company, primarily engaged in marketing and manufacturing liquor and wines, is organised into two main geographic segments - within India and abroad.
Last month, the company said it had undertaken projects and earmarked Rs 600 crore for raising the beer manufacturing capacity. These projects are scheduled to be completed by the end of next year.
Shares of the company closed at Rs 909.95, up 0.19 per cent from the previous close on the BSE.