United Spirits raises $350 mn via QIP

United Spirits raises $350 mn via QIP

Mumbai: United Spirits, the world’s third largest spirits maker by volume on Wednesday said that it has raised $350 million through placement of shares to institutions at Rs913.7 each.

The issue was launched on 14 October and closed on 20 October, the company said in a statement to the stock exchange.

The company issued 17.68 million additional shares, accounting for 16.4% of the existing capital and will take its current share capital to 125.59 million shares after the issue, it said.

The funds raised would be used to repay debt incurred for its acquisition of Scottish whiskey maker Whyte & Mackay and to fund its capital expenditure.

Shares in United Spirits, valued at $2.45 billion, rose 3.2% to Rs1,043.7 on Tuesday, while the main index closed 0.6% lower.