Shares of the Videocon Industries surged on Monday after the company said it will raise $45.216 million (Rs.286.22 crore) through global depository receipts (GDRs).
The company informed BSE that, US$ 45.216 million ("GDR") representing 15,700,000 equity shares at a price of US$ 2.88 per GDR, equivalent to approximately Rs. 181.61 per equity share, to LLIC S.a.r.l., on a private placement basis.
Application will be made for the GDRs to be listed on the Luxembourg Stock Exchange.
Global Depository Receipt is a instrument which purchases shares of foreign companies and deposits it on the account. This allows an investor to tap foreign market without any geographical and currency restrictions.
At 12.50 pm IST, shares of the videocon Industries were seen trading at Rs 166, higher by 4.88per cent on BSE. It touched an intra-day high of Rs 177 during the trade.