United Spirits Limited (MCLEODRUS.NS : 117.65 +3.8) (USL), the flagship spirit firm owned by Vijay
Mallya, on Tuesday embarked on a major 'de-leveraging exercise' staring with the sale of 10.28 million
treasury shares thus raising about Rs 905 crore. The entire proceeds will be applied towards settling the
debt pile of Rs 7,500 crore which includes prepayment of the acquisition loan taken towards acquisition
of Whyte and Mackay in 2007. Shares of United Spirits closed at Rs 873.05 down 4.8% on the BSE
(^BSESN : 14638.05 +144.21) on Tuesday.
"With this and other accelerated payments already made, the company would have repaid about half of
the original loan. In the process, the company will save an estimated Rs 85 crore per annum on interest
costs, thus boosting the earnings and EPS", said a company statement
source : http://in.biz.yahoo.com/090612/137/batq74.html
Mallya, on Tuesday embarked on a major 'de-leveraging exercise' staring with the sale of 10.28 million
treasury shares thus raising about Rs 905 crore. The entire proceeds will be applied towards settling the
debt pile of Rs 7,500 crore which includes prepayment of the acquisition loan taken towards acquisition
of Whyte and Mackay in 2007. Shares of United Spirits closed at Rs 873.05 down 4.8% on the BSE
(^BSESN : 14638.05 +144.21) on Tuesday.
"With this and other accelerated payments already made, the company would have repaid about half of
the original loan. In the process, the company will save an estimated Rs 85 crore per annum on interest
costs, thus boosting the earnings and EPS", said a company statement
source : http://in.biz.yahoo.com/090612/137/batq74.html
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