United Spirits has gained 2.40% at Rs 1,010.15 as the company is nearing a deal to offload 49% stake in the flagship subsidiary, Whyte & Mackay.
United Spirits Ltd (USL), which has 55 per cent market share in the Indian spirits market, had acquired the Scotland-based whisky major Whyte & Mackay in a highly leveraged $1.2-billion deal in 2007.
USL is under debt of Rs 8,600 crore. In four major steps during the past two years, the company has raised Rs 2,500 crore to pay back part of the debt. It is understood that Mallya is in advanced discussions with global private equity majors for the transaction. USL’s management has been maintaining it would certainly tap into Whyte & Mackay to deleverage.
In the intraday deal, the stock opened at Rs 990 and made a high of Rs 1,019.
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