Radico Khaitan raises $70 mn for expansion

New Delhi, Aug 28: Radico Khaitan Ltd today said it has raised 70 million dollars from the international market to fund its expansion programme.

The company also said it has issued 10-million dollar Foreign Currency Convertible Bonds (FCCBs), as part of the its 40-million dollar FCCB programme, by exercising the green issue option.

On maturity, the bonds will be convertible into equity shares of the company at a conversion price of Rs 172.5 per share.

The FCCBs carry a coupon rate of 3.5 per cent with a yield to maturity of 8.50 per cent, calculated on an annual basis.

The underlying equity shares on conversion will be listed on the Bombay Stock Exchange and the National Stock Exchange.

Last week, the entity had allotted Cumulative Compulsorily Convertible Preference Shares (CCCPSs) of Rs 100 each at a premium of Rs 59.50 per share to affiliates of US-based Foreign Institutional Investor Ruane, Cunniff and Goldfarb Inc, for an aggregate amount of 20 million dollars.

Earlier, the company had entered into a 50:50 joint venture with UK's Diageo to develop liquor brands for the growing Indian market.

UNI