United Spirits inches up on plan to sell land, treasury shares to reduce debt

United Spirits is currently trading at Rs. 2722.90, up by 0.50 points or 0.02% from its previous closing of Rs. 2722.40 on the BSE. The scrip opened at Rs. 2724.00 and has touched a high and low of Rs. 2748.85 and Rs. 2710.00 respectively. So far 27492 shares were traded on the counter. The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 2940.55 on 15-Apr-2014 and a 52 week low of Rs. 2226.00 on 05-Sep-2014. Last one week high and low of the scrip stood at Rs. 2748.85 and Rs. 2526.05 respectively. The current market cap of the company is Rs. 39529.15 crore. The promoters holding in the company stood at 58.87% while Institutions and Non-Institutions held 27.60% and 13.05% respectively. In a bid to pare its huge debt of Rs 7,600 crore, Liquor maker United Spirits (USL) has lined up a number of measures, including selling treasury shares and surplus land and properties. The company’s board has approved the plan to monetize surplus assets. The company is planning to offload a substantial number of treasury shares of both itself and those of United Breweries held by USL. However, the treasury shares of USL are stuck in litigation with a bank and it is expected to take a few more months before the issue is settled. United Spirits is the largest spirits company in India and a flagship entity of $2 billion UB group. It manufactures wide range of whisky, vodka, rum and other spirits.