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United Spirits, India's largest spirits major, has got its shareholders nod to sell its Scotland based subsidiary Whyte & Mackay for Rs 4,400 crore to Philippines based Emperador.
According to a statement from United Spirits, they have got absolute 99% majority approval votes from their shareholders for this sale. The proceeds will be used to reduce the overseas debt of around Rs 4,000 crore which is on USL balance sheet. Post this, USL will have debt of around Rs 3,000 crore.
The move to sell Whyte & Mackay was under a cloud as the company had sought to write off as much as Rs 4,000 crore from its balance sheet and which will involve its networth being cut down by Rs 3,500 crore.
This move by USL to get an approval from the shareholders comes hardly a couple of days after London-headquarterd global spirits major Diageo finally acquired a controlling 54.78% stake in United Spirits. Post this, Vijay Mallya who built United Spirits as among the globally recognised spirits company, will hold a little over 4% stake and will continue to be the chairman.
