Markets

Videocon raises $51 m through GDR issue

Our Bureau Mumbai | Updated on May 22, 2012 Published on May 22, 2012




Videocon Industries has closed its $51.02 million Global Depository Receipts issue, said a company statement on Tuesday. The GDR is worth about Rs 282 crore at the current rupee dollar exchange rate.

The company has allotted 1.575 crore equity shares for 1.575 crore GDR at a price of $ 3.2395 a GDR. The rupee equivalent works out to Rs 174 a equity share.

The GDRs would be listed on the Luxembourg Stock Exchange and have been privately placed.

GDR is a certificate held in the bank of one country representing a specific number of shares of a stock traded on an exchange of another country. The shares trade as domestic shares, but are offered for sale globally through banks.

The scrip of Videocon Industries fell 1.68 per cent from its previous close at Rs 170.20 on the BSE on Tuesday.



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Published on May 22, 2012
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