United Spirits Plans To Issue $225 Mn FCCBs
United Spirits Limited is planning to raise $225 Mn FCCBs by early 2012 in order to reduce cost of debt.
According to filing on BSE, the company plans to issue FCCBs to the extent of $175 Mn with a green show option of up to a further $50 Mn.
Standard Chartered Bank, Rabo Bank and DBS Bank have been appointed as advisors to the issue.
United Spirits, part of the United Breweries Group, sells McDowell's No.1, Royal Challenge, Antiquity whiskeys, Romanov and White Mischief vodka and Four Seasons wines.
Debt according to Annual Report 2010-11
Last year, United Spirits acquired 54.7% stake in Pioneer Distilleries, which expanded its primary distillation capacity. This year in January, the company acquired additional 7.3% and 2.67 Mn shares constituting 20.00% of the paid up capital of PDL were acquired from the openmarket and through open offer thereby acquiring 81.99% stake in Pioneer Distilleries.
United Spirits also acquired 61.53% stake in Soveriegn Distilleries Limited engaged in manufacturing, sale
Extra Neutral Alcohol and Indian Made Foreign Liquor and having a manufacturing plant in Karnataka.
Performance of United Spirits
| (Rs Mn) | 2011 | 2010 | 2009 |
| Sales | 76212.21 | 64471.79 | 41529.77 |
| EBITDA | 13975.15 | 8018.72 | 6910.96 |
| PAT | 5683.27 | -231.94 | 2966.62 |
| Share Capital | 1258.7 | 1206.69 | 1079.12 |
| Reserves | 40702.55 | 36613.34 | 29708.04 |
| Total Debt | 63810.57 | 55060.56 | 19228.52 |
United Spirits On BSE
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KVEZAR VIEW
| Date | Transaction | Type | Buyer | Size ($mn) |
|---|---|---|---|---|
| 21/05/13 | United Spirits - Diageo | M&A | Diageo India Private Limited | 38.05 |
| 09/11/12 | United Spirits - Diageo | M&A | Diageo Plc | - |
| 09/11/12 | United Spirits - Relay B.V., Diageo, Tanqueray Gordon (Open Offer) | IPO / Offerings | Diageo Plc | 999.46 |
| 08/10/12 | United Spirits - Credit Suisse (Part Exit) | Capital Market | - | 15.90 |
| 14/06/12 | United Spirits - Credit Suisse | Capital Market | Credit Suisse(Singapore) Limited | 11.12 |
| 23/10/09 | United Spirits-QIP | IPO / Offerings | - | 347.81 |
| Date | Type | Buyer | Target | Size ($mn) | State |
|---|---|---|---|---|---|
| 21/05/13 | M&A | Diageo India Private Limited | United Spirits Limited | 38.05 | Planned |
| 20/05/13 | Venture Capital | Sequoia Capital India | Hector Beverages Private Limited | 8.00 | Completed |
| 16/05/13 | Private Equity | - | Nashik Vintners Private Limited | - | Planned |
| 15/05/13 | Private Equity | - | SOM Distilleries & Breweries Limited | 30.00 | Planned |
Company |
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| Name | Promoters | Office | Competitor | Website |
|---|---|---|---|---|
| United Spirits Limited | United Breweries Limited | 'UB Tower',#24,Vittal Mallya Road,Bangalore 560001,Karnataka. |
Allied Blenders & Distillers Private Limited Balaji Distilleries Limited |
http://www.unitedspirits.in |
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