United Spirits on Friday got the shareholders' nod to raise $225 million through the FCCB (foreign currency convertible bonds) route, out of which $50 million will be the green-shoe option.
Speaking to reporters after an Extraordinary General Meeting, Ashok Capoor, President and Managing Director, said 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 the company. The debt of Whyte & Mackay as of now is around 375 million pound, he said. United Breweries bought Scotch whisky maker Whyte & Mackay for about 595 million pound in 2007.
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