United Spirits sells shares to raise Rs 1,615 cr

The board of directors at their meeting held on October 20, has decided to close the bid period by allotting 1.76 crore shares, representing 16.4 per cent stake, at Rs 913.70 a piece to potential investors, Vijay Mallya-led United Spirits Ltd said in a filing to the Bombay Stock Exchange .

The net proceeds would be used primarily to reduce debt incurred upon the acquisition of Scottish whiskey maker Whyte and Mackay Group, to repay other debt, to fund capital expenditure the filing added. The issue opened on October 14, 2009.

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