Radico Khaitan has succeeded in its aim to raise around US$75m from a share sale.
The Indian spirits producer confirmed to just-drinks yesterday (17 March) that it has completed a share sale to institutions in the country.
Radico Khaitan, which has had a joint venture in India with Diageo for the last three years, said that it intends to use the net proceeds of the issue “primarily for repayment of existing loans, working capital requirements and general corporate purposes”.
“Pending utilisation for the purposes described, our company intends to temporarily invest funds in creditworthy instruments, including money market mutual funds, and deposits with banks and corporates,” the spokesperson added.
Radico announced back in November that it was looking to raise around $80m in return for equity shares.
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