Mcdowell completes maiden sale of GDRs and CBs

Part of $230 million proceeds targeted for debt repayment.

IndiaÆs largest and the worldÆs third largest maker of spirits, Mcdowell Co, has raised a combined $230 million from its first ever sale of global depositary receipts and convertible bonds that will be used partly to pay down debt incurred when it acquired its fiercest domestic rival last year.

The GDRs accounted for the larger portion of the fundraising exercise after the size was increased to $130 million from $100 million. CLSA was sole bookrunner for this portion of...

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