Videocon issues over 1.89 lakh shares on FCCB conversion

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Videocon issues over 1.89 lakh shares on FCCB conversion

Business conglomerate Videocon Industries today said it has alloted 1.89 lakh shares upon conversion of Foreign Currency Convertible Bonds (FCCBs) worth USD one million (over Rs 4.55 crore).

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Business conglomerate Videocon Industries today said it has alloted 1.89 lakh shares upon conversion of Foreign Currency Convertible Bonds (FCCBs) worth USD 1 million (over Rs 4.55 crore).

"The board of directors allotted 1,88,935 equity shares pursuant to conversion of FCCBs of principal amount of USD 1 million, at a conversion price of Rs 239.5265," Videocon Industries said in a filing to the Bombay Stock Exchange.

In December 2010, the company had announced raising USD 200 million to finance its new and existing projects.

Besides the firm said the proceeds of it will be used in overseas direct investment in joint ventures and wholly-owned subsidiaries and other purposes.

Shares of Videocon Industries closed at Rs 177.70 on the BSE, up 0.28%from the previous close.