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UB Group firm United Spirits Ltd, in which Diageo has a significant stake, today launched a fixed deposit scheme offering interest of up to 11.5%.
While the company did not specify the exact amount it plans to raise, the current regulations and its financial position allow it to garner a cumulative amount of Rs 2,233 crore through public deposits, United Spirits Ltd (USL) said in a public announcement.
The company said the aggregate of deposits already held by it stood at Rs 436 crore at the end of financial year ended March 31, 2013. This leaves a scope for garnering nearly Rs 1,800 crore.
Vijay Mallya-led USL said it would accept deposits for a period of one-year at a rate of 11% and 11.5% for a two years time-frame.
Diageo Plc, the world's largest spirits maker, completed its acquisition of a 25.02% stake in USL in July, getting less than half of what it had originally planned.
Last year, Diageo had announced that it would pick up 53.4% stake in USL in a multi-structured deal for a total of Rs 11,166.5 crore. Instead, it now has 25.02% stake in USL for a total consideration of Rs 5,235.85 crore.
