Videocon to raise up to Rs5,000 crore equity

Mumbai: Videocon Industries Ltd on Monday informed the stock exchanges that its board had passed a special resolution authorizing its directors to issue equity shares or any other convertible instrument to raise up to ₹ 5,000 crore.

“A special resolution, authorizing the board of directors of the company, for issue of equity shares or any other convertible instruments for an amount not exceeding ₹ 5,000 crore, 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,” the company said in a statement on BSE.

Another resolution authorizing the board of the company to borrow up to ₹ 75,000 crore was also passed. Also, the board of directors was allowed “to sell, lease, mortgage, or otherwise dispose off the whole or substantially the whole of undertaking of the company up to an amount not exceeding ₹ 75,000 crore,” the statement said.

At 9:50am, shares of Videocon were down 0.03% at ₹ 167.20, while the benchmark Sensex was at 25,572.44 points, up 0.36%.