Vijay Mallya-led United Spirits has informed that the company has raised Rs 1615.60 crore by private placement of shares with qualified institutional buyers.

The company has sold 1.76 crore equity shares through qualified institutional placement (QIP) to investors at Rs 913.70 per share, representing 16.4 per cent stake.

The company commenced its QIP on October 14 and closed the issue on October 20.

Sources reported that the net proceeds of the issue would be utilized primarily to cut debt incurred upon the acquisition Whyte and Mackay Group, to repay other debt, to fund capital expenditure and for other corporate purposes.

The scrip of United Spirits closed today at Rs 1020 on BSE, down 2 per cent compared to its previous close. The counter has made 52-week-high and low of Rs 1090 and Rs 426 respectively.