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USL to raise Rs 750 cr from market to balance debt 08/08/2017 01:00

Diageo-owned United Spirits Ltd (USL) plans to raise Rs 750 crore from the market to balance its debt by issuing non-convertible debentures, reported PTI.

The company will seek approval from its shareholders in its proposed AGM on August 30 at Bengaluru to issue debentures having a face value of Rs 10 lakh each.

The money would be used for "repayment of existing loans, capital expenditure and other funding requirements of the company from time to time," USL said in a regulatory filing.

The board of directors at the meeting held on January 21, 2017 had inter alia approved to borrow up to Rs 750 crore million by way of issuing non-convertible debentures (NCDs).

"Further, the board of directors at their meeting held on July 23, 2017 approved to issue up to Rs 750 crore unlisted NCDs on private placement," the company added.

NCDs would be maximum for three years and its interest rate would be decided by the board/committee of the company.

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