The Hindu Business Line : Videocon plans to raise Rs 5,000 cr through GDR/FCCB

VIDEOCON Industries Ltd will take a decision on raising Rs 5,000 crore through issue of global depository receipts (GDRs) and/or foreign currency convertible bonds (FCCBs) at its board meeting on July 23.

The company on Friday informed the Bombay Stock Exchange that the board would consider granting approval to issue of GDRs or FCCBs and equity shares through prospectus/letter of offer or circular and/or by private placement on preferential basis and/or on rights basis.

Meanwhile, speaking to Business Line, Mr V.N. Dhoot, Managing Director, Videocon International, explained that this is only an enabling resolution for future usage and the company is not looking to raise any money immediately.

"Our cash flows at present are very good. This is an enabling resolution in case we decide to go in for an acquisition in the future," Mr Dhoot said.

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