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Shares of United Spirits gained more than 3% today and was trading at at Rs 1,017 on reports that the company is nearing a deal to sell 49% stake in the flagship subsidiary, Whyte & Mackay.
United Spirits Ltd, had acquired the Scotland-based whisky major Whyte & Mackay in a $1.2-billion deal in 2007.
United Spirits is saddled with huge debt following the deal and is looking at de-leveraging. The stake sale could help the company pare debts.
United Spirits Limited is the largest spirits company in the world by volume and sold 122.75 million cases for cases for the fiscal ending March 31,2012 with revenues at Rs.9200 crores (consolidated) for the same financial year.
Besides Whyte & Mackay and Bouvet Ladubay being 100% subsidiaries of USL, the company has 22 millionaire brands (selling more than a million cases a year) in its portfolio and enjoys a strong 59% market share for its first line brands in India.
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