United Spirits to guarantee loan of US$15m to Pioneer Distilleries
United Spirits is the majority shareholder in Pioneer Distilleries
Diageo's United Spirits division is set to act as corporate guarantor for a US$15m loan to Pioneer Distilleries.
In a stock exchange filing earlier this week, USL said its board approved a decision of "providing corporate guarantee" in early-November, for the financial assistance of $15m that Pioneer Distilleries is seeking from Standard Chartered Bank. The loan will be used to fund capacity expansion and for other capital needs.
USL's shareholders will have until 7 January to approve the decision.
Pioneer Distilleries produces extra neutral alcohol, which is used for the production of alcoholic beverages such as vodka, gin and whiskey by USL.
Last year, USL moved to offload part of its holding in Pioneer, which at the time stood at 86%. An 11.35% stake was put up for sale to comply with regulations that mean a listed company in India must be at least 25% owned by public shareholders.
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