Mumbai: Videocon Industries Ltd shares jumped as much as 11.6% on Monday after the company said it will raise $45.216 million (Rs.286.22 crore) through global depository receipts (GDRs).
In a filing to the exchange, Videocon said it would issue 15.7 million GDRs representing an equal number of equity shares at a price of $2.88 per GDR to LLIC S.a.r.l on a private placement basis. This will be equivalent to approximately Rs.181.61 per equity share, it added.
An application will be made for GDRs to be listed on the Luxembourg Stock Exchange, the company said.
A GDR is a tradable instrument, which can be listed overseas and is used by Indian companies to tap global equity markets.
At 9:25am, shares of Videocon were up 7.12% at Rs.170.05 apiece on BSE, while the benchmark Sensex index rose 0.2% to 27,425.71 points.
