Videocon Industries to raise USD 45.21 million through GDRs

Diversified business conglomerate Videocon Industries today 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 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.

Application will be made for the GDRs to be listed on the Luxembourg Stock Exchange, it added.
Videocon said it has received in-principal approval for the issuance of GDR from National Stock Exchange and Bombay Stock Exchange.