United Spirits, India's largest liquor maker has obtained shareholders' nod to raise $225 million through the foreign currency convertible bonds (FCCB) route, out of which $50 million will be the green-shoe option. The company is raising this money to repay some foreign debt and fund ‘capital expenditure,' for some acquisitions.
The company has to repay Whyte & Mackay’s debt of around 375 million pound. United Breweries bought Scotch whisky maker Whyte & Mackay for about 595 million pound in 2007.
United Spirits is the largest spirits company in India and a flagship entity of $2 billion UB group. It manufactures wide range of whisky, vodka, rum and other spirits.
