Videocon Industries to raise over Rs 270 cr

The shares of the Videocon Industries today closed 0.80 per cent up.

Diversified business house Videocon Industries today said it will raise USD 51.02 million (over Rs 270 crore) through issue of securities on a private placement basis from overseas market.

In a filing to the BSE,the company said it will “issue 1,57,50,000 Global Depository Receipts amounting to USD 51.02 million representing 1,57,50,000 equity shares”.

The securities will be issued to LLIC Sarl at a price of USD 3.2395 apiece,equivalent to Rs 174 per equity share,it added.

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Videocon,however,did share details why it is raising this money.

“Application will be made for the GDRs to be listed on the Luxembourg Stock Exchange and for in-principle approval for the issuance of the underlying shares,to be listed on the National Stock Exchange of India Limited and BSE Ltd,” the company said.

The shares of the Videocon Industries today closed 0.80 per cent up at Rs 170.20 apiece on the BSE.

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