Videocon Industries announced that the company has launched foreign currency convertible bonds convertible into ordinary equity shares, in exchange of a part of outstanding amount of existing USD 200 million 6.75%.
The convertible bonds due 2015, subject to the acceptance of the exchange offer by the requisite majority of the bond holders and subject to other statutory approvals.
The company shall make an application to the Singapore Exchange Securities Trading for the bonds to be listed; and for in-principle approval for the shares to be issued upon conversion of the bonds to be listed on the National Stock Exchange of India and the BSE.
The company has already obtained the approval of its shareholders by a special resolution passed on Jun. 27, 2015 for the issue of the bonds and for issue of the shares upon conversion of the bonds.
Shares of the company gained Rs 1.45, or 1.11%, to settle at Rs 131.80. The total volume of shares traded was 20,751 at the BSE (Monday).