India’s United Spirits Ltd, the world’s third-largest spirits maker by volume, plans to complete deleveraging of its balance sheet to reduce debt by the end of October, its chairman said on Thursday. The company was looking at options including the sale of treasury stock and placements to institutional investors or private equity funds, Vijay Mallya told reporters after the annual general meeting for United Breweries.
Bangalore-based United Spirits, part of India’s top liquor maker the UB Group, last month called off talks to sell a stake to Diageo (DGE.L), the world’s largest spirits group.
United Spirits expected to raise about $300 million to pay down debts within two to three months, Mallya had said in July. In June, it raised about $185 million by selling stock the company had on its balance sheet and used the proceeds to pay back debt.