Radico Khaitan, the India-based spirits group, is looking to raise INR3.75bn (US$80.8m) and has increased the threshold for foreign ownership of the company.

Radico Khaitan's board of directors sanctioned raising funds in return for equity shares at an extraordinary general meeting held last week, the company said in a stock exchange filing yesterday (9 November).

No decision was made on methods to secure the investment.

In the same meeting, the board approved a plan to increase the threshold for foreign ownership in the group from the current 24% to 40%.

The firm also approved a plan to raise its borrowing limit from INR10bn to INR15bn, subject to approval by the group's bankers.

Radico Khaitan has been in joint venture with Diageo, producer of Johnnie Walker Scotch whisky, for the last three years. The group, together with the venture, is thought to have around a 10% share of India's spirits market, which is dominated by Vijay Mallya-controlled United Spirits.

Last month, Radico Khaitan reported a jump in half-year net profits, rising to INR20.4bn (US$440m) for the six months to the end of September against INR12.9bn in the same period a year earlier.

Net sales for the half-year rose to INR355bn compared to INR320bn last year.