Videocon Ind shares surge 4.2% on fund raising plans

Shares of Videocon Industries today rose by 4.2 per cent after the company said it will raise USD 45.21 million (approx Rs 286 crore) through issue of Global Depository Receipts (GDR) on a private placement basis.
The stock gained 4.22 per cent to close at Rs 165.45 on the BSE. During the day, it surged 11.62 per cent to Rs 177.20.
At the NSE, it rallied 4.50 per cent to settle at Rs 166.
Business conglomerate Videocon Industries today said it will raise USD 45.21 million (approx Rs 286 crore) through issue of GDR on a private placement basis.
"The company has decided to issue 15,700,000 Global Depository Receipts amounting to USD 45.216 million, representing 15,700,000 equity shares at a price of USD 2.88 per GDR, equivalent to approximately Rs 181.61 per equity share, to LLIC Sarl, on a private placement basis," Videocon said in a BSE filing.

Global Depository Receipts is a financial instrument used to raise capital overseas.
The company, however, did not disclose the end use of funds it will raise.