The holding firm (United Spirits) had raised about $185 million from the open market in June by selling 10.3 million shares it held in Shaw Wallace to pay back a portion of the debt.

Mallya, who is also chairman of Kingfisher Airlines Ltd, said he was looking at a rights issue followed by a global depositary receipts (GDRs) to infuse fresh capital into the merged entity with Deccan Aviation Ltd.

'We are looking at a rights issue and a GDR issue to raise additional funds to meet our present and future plans, including expanding our international services,' Mallya said but declined to state the amount to be mobilised.

The company's chief financial officer, Ravi Nedungadi, said the rights issue would be offered by the end of the current fiscal.

Asked about the ongoing pilots' stir in the rival private carrier Jet Airways, Mallya said it was unfortunate and should be resolved soon.

UB Ltd reported net sales of Rs.16.73 billion (Rs.1,673 crore) and net profit of Rs.630 million (Rs.63 crore) in fiscal 2008-09.