United Spirits Ltd.

United Spirits has received an approval to raise funds through issue of foreign currency convertible bonds (FCCBs) for an aggregate sum not exceeding $225 million. The board at its meeting held on December 21, 2011 has approved for the same. Further, this is subject to the approval of the shareholders and such other regulatory approvals as may be required.

Out of the proposed $225 million to be raised the company will raise $175 million with a green shoe option of up to a further $50 million. Standard Chartered Bank, Rabo Bank and DBS Bank have been appointed as advisors to the issue which is slated to take place in early 2012.

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.