Videocon Industries Ltd to seek approval for raising Rs. 5000 crore

The Board of Directors of Videocon Industries Ltd at its meeting held on November 29, 2013, has proposed to seek shareholders approval under Section 81 (1A) of the Companies Act, 1956, authorizing the Board of Directors of the Company, to Issue Equity Shares or any other convertible instruments for an amount not exceeding Rs. 5,000 Crores, at an appropriate time, by way of Follow on Issue, Private Placement basis, Qualified Institutional Placement basis, American Depository Receipts (ADRs), Global Depository Receipts (GDRs), Foreign Currency Convertible Bonds (FCCBs) or any other mode or mechanism, subject to necessary approval and consent.

Shares of Videocon Industries was last trading in BSE at Rs.170.30, up by Rs.0.35 or 0.21%. The stock hit an intraday high of Rs.172.50 and low of Rs.170.10.

The total traded quantity was 0.35 lakhs as compared to 2 week average of 0.17 lakhs.

Source : Equity Bulls

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