Videocon to raise over Rs 900 cr via bonds

Diversified business firm Videocon Industries today said it will raise $200 million (around Rs 902 crore) through issue of unsecured convertible bonds to fund its expansion plans.

"Videocon Industries has launched an issue of $200 million direct, unsubordinate, unconditional and unsecured convertible bonds due 2015 convertible into ordinary equity shares of the company," the company said in a filing to the Bombay Stock Exchange.

The firm said the fund will be utilised for capital expenditure on new and existing projects, on overseas direct investment in joint ventures and subsidiaries as well as for other purposes.

Application has been made to list the bonds on the Singapore Exchange Securities Trading and also for in-principle approval for the shares to be issued upon conversion of the bonds to be listed on the NSE and BSE, it said.

Videocon Industries had already got shareholders' approval on June 22, 2010 for the issue of the bonds and for issue of shares upon conversion of the bonds.