Diversified business conglomerate Videocon Industries Ltd has decided to raise $45.21 million (approximately Rs 286 crore) through issuance of securities to LLIC Sarl on a private placement basis, as per a stock market disclosure.
The company will issue 15.7 million Global Depository Receipts (GDRs) amounting to $45.21 million representing 15.7 million equity shares at a price of $2.88 per GDR, equivalent to around Rs 181.61 per equity share.
Videocon Industries, however, did not share details why it is raising this money and time-frame for the same.
“Application will be made for the GDRs to be listed on the Luxembourg Stock Exchange. The company has received in-principle approval for the issuance of GDR from the National Stock Exchange of India Limited and BSE Ltd,” Videocon Industries said in the filing.
The parentage of LLIC, which had invested in the company previously as well, could not be immediately ascertained.
Two years ago LLIC had put in around $51 million through a similar private placement.
Videocon Industries is primarily a consumer durables firm, making electronics products. Bulk of its revenues comes from the electronics business although its energy unit has much higher margins.
Shares of the company were trading at Rs 167.40 apiece, up 5.45 per cent at 12:12 PM on the BSE in flat Mumbai market on Monday.
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