Videocon Industries gains as Videocon d2h files draft papers for IPO

Videocon Industries rose 3.64% to Rs 173.60 at 11:59 IST on BSE after Videocon d2h filed draft papers for an initial public offer to raise up to Rs 700 crore.

Meanwhile, the S&P BSE Sensex was down 58.66 points or 0.22% at 26,571.85.

On BSE, so far 1.36 lakh shares were traded in the counter as against average daily volume of 90,038 shares in the past one quarter.

The stock hit a high of Rs 177.15 and a low of Rs 168 so far during the day. The stock had hit a 52-week high of Rs 211.05 on 10 June 2014. The stock had hit a 52-week low of Rs 153 on 9 December 2013.

The stock had outperformed the market over the past one month till 30 September 2014, rising 0.15% compared with the Sensex's 0.03% fall. The scrip had, however, underperformed the market in past one quarter, sliding 9.16% as against Sensex's 4.79% rise.

The mid-cap company has equity capital of Rs 318.77 crore. Face value per share is Rs 10.

Videocon d2h is considering a pre-IPO placement of up to 50 lakh equity shares aggregating to Rs 50 crore with certain investors. The pre-IPO placement is at the discretion of the company. Videocon d2h will complete the issuance and allotment of equity shares pursuant to the pre-IPO placement, if any, prior to the filing of the red herring prospectus with the registrar of companies (RoC). If the pre-IPO placement is completed, the issue size will be reduced to the extent of such pre-IPO placement, subject to the issue size constituting at least 10% of the post-issue paid-up equity share capital of the company, Videocon d2h said.

Videocon Industries' net profit declined 3.9% to Rs 10.22 crore on 3% growth in net sales to Rs 3124.83 crore in the quarter ended 30 June 2014 over the quarter ended 30 June 2013.

Videocon Industries is a manufacturer and distributor of consumer electronics and home appliances in India. Their full range of products includes televisions, washing machines, air conditioner, refrigerators, microwave ovens and other home appliances. The company also has an oil and gas business in the exploration and extraction areas.

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