Videocon Industries Ltd. has decided to issue 15,750,000 Global depository Receipts or GDRs totaling to $51.02 million representing 15,750,000 equity shares at a price of $3.2395 per GDR, equivalent to Rs.174 apiece to LLIC S.a.r.l., on a private placement basis.
The company said the application would 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.
The issuer as already obtained the approval of its shareholders by a special resolution passed on June 29, 2011, for the issue of the GDR and for issue of the underlying shares to be issued.
The company reported first-quarter net profit of Rs.50.32 crore, down by 70 percent from the Rs.166.69 crore for the quarter ended March 31, 2011. Total income fell by three percent to Rs.3,034.88 crore from the Rs.3,124.03 crore in the corresponding quarter of the preceding year.
At the BSE, Videocon Industries shares are currently trading at Rs.170.75, up 0.32 percent from the previous close.
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