Videocon Industries to raise $45.21 million through Global Depository Receipts

Diversified business conglomerate Videocon Industries on Monday said it will raise $45.21 million (approx Rs 286 crore) through issue of Global Depository Receipts (GDRs) on a private placement basis.

"The company has decided to issue 15,700,000 Global Depository Receipts amounting to $45.216 million, representing 15,700,000 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 said in a Bombay Stock Exchange (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 (NSE) and BSE.