India's United Spirits has raised $350 million from a qualified institutional placement QIP that was upsized by 40% due to strong investor demand. This was the second time in just over three months that the company tapped the equity market, but rather than putting people off, it actually seemed to increase the attractiveness of the deal.
Sources said expectations that United Spirits, which is part of the United Breweries Group, would have to raise more funds to reduce its large debt burden have been acting as an overhang on the stock, and with that now out of the way, the stock should be able to resume its positive performance.
Indeed, the share price gained 7%...
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