Videocon Inds zooms on GDR plans

Videocon Industries is amongst the top gainers of the day, with the stock opening higher at Rs.160.35 (its intra day low) and going on to Rs.177.20. It is currently up almost 6% at Rs.168.

The stock is the limelight after the company announced that it plans to raise $45 million or around Rs.286 crore via issue of securities to LLIC Sarl through private placement.

It will be issuing 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, which works out at Rs.181.61/share.

The company has stated that 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 NSE and BSE.