Mcdowell to raise $230mn via GDSs/FCCBs

Mcdowell & Company will be raising $230 million via global depository shares (GDSs) and foreign currency convertible bonds (FCCBs).

According to a release issued by the company to the BSE today, GDSs amounting to $130 million would be issued at a price of $7.4274 per GDS. "This works out to Rs 660 per share. Two GDSs represent one underlying equity share," the release added.

The company will also be raising $100 million via FCBBs. "The bonds have a tenor of 5 years and 1 day, and carry coupon of 2% p.a. payable in arrears semi-annually. The bonds are convertible into equity shares or GDSs," the release added.