Videocon gets shareholder nod to raise Rs 5,000 cr

NEW DELHI: Videocon Industries has got shareholder's nod to raise Rs 5,000 crore from the market through issuance of shares to institutional buyers, global depository receipts (GDR) and foreign currency convertible bonds (FCCBs).

The stock fell about 3 per cent in intraday trade on Wednesday. The stock ended the day in red, down 1.90 per cent at Rs 152.65.

The board will raise the funds "at any appropriate time" by issuing "equity shares or any other convertible instruments for an amount not exceeding Rs 5,000 crore by way of follow-on issue, private placement basis...", Videocon Industries said in a BSE filing.

Videocon will explore the option through qualified institutional placement, American depository receipts, GDRs and FCCBs.

It has also approved re-appointment of Venugopal N Dhoot Managing Director of the company for next five years, till August 31, 2020.

His term ends on September 1, 2015.

Videocon is into consumer electronics and oil & gas extraction.