United Spirits to raise $300 mn to repay debt

The country largest liquor manufacturer, United Spirits Limited (USL) today said it will raise $300 million through various channels to repay part of its debt.

"We have repaid $300 million of debt and another $250-$300 million dollar of debt will be repaid by the end of this fiscal," United Breweries Group President & CFO Ravi Nedungadi told reporters on the sidelines of an Assocham event.

U B Group is evaluating various proposals including QIP, GDR and private equity placement to raise the required fund to repay the loan on USL, Nedungadi said.

UB group is the holding company of USL.

On capacity expansion he said, the company has undertaken projects and earmarked Rs 600 crore for raising the beer manufacturing capacity, which will be completed by the end of next year.