Videocon Industries raises Rs 282 crore from GDR issue

Videocon Industries, a diversified business house, has raised Rs 282 crore at the current rupee dollar exchange rate through its $51.02 million Global Depository Receipts issue. It has allotted 1.575 crore equity shares for 1.575 crore GDR at a price of $3.2395 a GDR.

The company has reported 69.81% drop in standalone net profit at Rs 50.32 crore for the first quarter ended March 31, 2012 as compared to Rs 166.69 crore in the same period of previous fiscal.

Videocon Industries, established two decades ago, is a global conglomerate with market capitalization of $2.5 billion. Videocon’s businesses’ consists of manufacturing, marketing & distribution of consumer electronics products and oil & gas extraction.