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Our Bureau

New Delhi, July 17

Liquor maker Radico Khaitan Ltd said on Monday it would issue convertible preference shares to affiliates of US-based portfolio investor Ruane, Cunniff and Goldfarb Inc to raise $20 million (about Rs 92 crore). The cumulative preference shares would be compulsorily converted into equity after 18 months, if not converted by the investors earlier, at a price of Rs 159.50 per share, the company said. Radico Khaitan plans to use these funds for acquisitions/joint ventures in the domestic market, for repayment of high cost debts and general corporate expenses also.

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