USL raises Rs 1,615 cr in QIP; to repay debt

The country’s largest liquor maker, United Spirits, today said it had raised Rs 1,615.60 crore by private placement of shares with qualified institutional buyers and the net proceeds would be primarily used to repay debt.

The board of directors at their October 20 meeting decided to close the bid period by allotting 17.6 million shares, represnting 16.4 per cent stake, at Rs 913.70 per share to potential investors, United Spirits Ltd (USL) said in a filing to the BSE.

Mallaya said, “The fact that United Spirits is the pick of the Indian FMCG sector is manifested by the strong demand received for its shares from investors of high quality.”