McDowell Holdings hits the roof on debut

The listing McDowell Holdings (MHL) on the bourses follows a restructuring scheme undertaken at United Spirits (USL) whereby investment business of USL was transferred to MHL as a going concern. Stock exchanges had set Rs 163 as base price for calculating 20% daily circuit filter in the shares of McDowell Holdings (MHL) on day one of its listing today, 30 May 2007.

MHL had allotted equity shares to the shareholders of USL, in the ratio of 1 equity share for every five shares held in USL. The issued, subscribed and paid-up capital of the MHL stands at Rs 12.14 crore consisting of 1.21 crore shares of face value of Rs 10 each.

USL had fixed 26 October 2006, as the record date for giving effect to this restructuring scheme and accordingly dealing in the equity shares of USL was done on ex entitlement basis with effect from 17 October 2006