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United Spirits Ltd today got the shareholders nod to raise $225 million through the FCCB route, out of which $50 million will be green-shoe option.
Speaking to reporters after an EGM, Mr Ashok Capoor, President and Managing Director, said that the FCCBs were being raised to repay ‘some foreign debt' and fund ‘capital expenditure' which may be for some acquisitions.
On the time frame, he said the process of raising the funds would start as soon as possible. He also clarified that despite some contrary reports, the entire funding would be used for USL. The debt of Whyte & Mackay as of now is around £375 million, he said. United Breweries bought Scotch whisky maker Whyte & Mackay for about £595 million in 2007.
Terming Q3 of the current fiscal as a tough quarter, Mr Capoor said he expects the next quarter to be ‘much better.'
Also two of the States (TN and West Bengal) have not performed well. In fact, industry volumes have been down by 50 per cent.
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