Videocon gets shareholders' nod to raise up to Rs 1,000 cr | business | Hindustan Times
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Videocon gets shareholders' nod to raise up to Rs 1,000 cr

Diversified business firm Videocon Industries today said it has got shareholders' approval to raise up to Rs 1,000 crore through placement of shares.

business Updated: Jun 22, 2010 20:13 IST

Diversified business firm Videocon Industries on Tuesday said it has got shareholders' approval to raise up to Rs 1,000 crore through placement of shares.

The company also said its plan to raise up to Rs 161 crore through preferential issue of shares to a group of financial institutions has also been approved by shareholders.

In a filing to the Bombay Stock Exchange, Videocon Industries said shareholders at an Extraordinary General Meeting held on Tuesday approved the proposal to raise up to Rs 1,000 crore by issuing equity shares on a qualified institutional placement basis.

It could be carried out through a follow-on public offering (FPO), or an issue of global depository receipts (GDRs), American Depository Receipts (ADRs), Foreign Currency Convertible Bonds (FCCBs), or a Depository Receipt Mechanism, the filing said.

This could be done in one or more tranches, it added.

On the preferential issue to raise up to Rs 161 crore, Videocon Industries said the financial institutions to be alloted shares include IDBI Bank, ING Vysya Bank, Oriental Bank of Commerce, State Bank of Patiala and Life Insurance Corporation.

The company also said it has revised the minimum floor price for conversion of the 5 per cent $ 90 million and 4.5 per cent $ 105 million FCCBs it issued in 2006.

The company has also announced the re-appointment of Pradipkumar N Dhoot as the whole-time director of the company for five years from November 20, 2010, to November 19, 2015.