United Spirits, is set to sell new shares worth about $300-350 million to institutions to help cut its debt, after efforts to sell a stake to private equity firms and Diageo failed. The world's third-largest spirits maker by volume is set to place the shares with institutions (QIPs) as early as this week, three sources with direct knowledge of the deal said. "The market is good enough for a share sale. Why opt for a PE firm that buys at the same price and adds little value otherwise," one source said. The sources declined to be named as they are not authorised to speak to the media.   more »