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United Spirits raises $350 mln in shares - sources

Wed Oct 14, 2009 11:16pm EDT

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MUMBAI, Oct 15 (Reuters) - India's United Spirits (UNSP.BO), the world's third-largest spirits maker by volume, has raised $350 million through a share placement to institutions, two sources said on Thursday.

The shares were priced at 913.70 rupees each, a discount of 0.8 percent to Wednesday's close of 921.40 rupees, the sources who were involved in the transaction said.

Company officials were not immediately available for comment.

United Spirits, which intends to cut its debt, launched the share sale after efforts to sell a stake to private equity firms and Diageo (DGE.L) failed. [nBOM113953]

($1 = 46.1 rupees)

(Reporting by Janaki Krishnan & Narayanan Somasundaram; Editing by Ranjit Gangadharan)

((janaki.krishnan@thomsonreuters.com, +91-22 66369138; Reuters Messaging: janaki.krishnan.reuters.com@reuters.net))

((If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com)) Keywords: UNITEDSPIRITS/

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