Videocon Industries has rallied 7% to Rs 170 on National Stock Exchange (NSE) after the company said it has decided to raise $45.216 million (approx Rs 286 crore) through issue of securities to LLIC Sarl on a private placement basis.
The company has decided to issue 15.7 million Global Depository Receipts (GDR) amounting to US$ 45.216 million representing 15.7 million equity shares at a price of $2.88 per GDR, equivalent to approximately Rs 181.61 per equity share, to LLIC Sarl on a private placement basis, Videocon Industries said in a BSE filing.
"Application will be made for the GDRs to be listed on the Luxembourg Stock Exchange and for in-principle approval for the issuance of the underlying shares, to be listed on the National Stock Exchange of India Limited and BSE Ltd," the company said.
The stock opened at Rs 157 and hit a high of Rs 175 on NSE. A combined 179,414 shares changed hands on the counter till 0935 hours on NSE and BSE.
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