Videocon Industries Ltd has informed BSE that the company has launched $200-million direct, unsubordinated, unconditional and (subject to the conditions of the negative pledge) unsecured convertible bonds due 2015 convertible into ordinary equity shares.
The company has decided to issue the bonds inter alia for (i) capital expenditure on new and existing projects (ii) overseas direct investment in joint ventures and wholly owned subsidiaries subject to the existing FEMA guidelines and (iii) any other use as may be permitted under applicable law or regulations from time to time. The bonds will be convertible into ordinary shares of the company quoted in Indian rupees.
According to the company, application will be made for the bonds to be listed on Singapore Exchange Securities Trading Ltd and for in-principle approval for the shares to be issued upon conversion of the bonds to be listed on the NSE and the BSE.
The issuer has already obtained the approval of its shareholders by a special resolution passed on June 22, 2010 for the issue of the bonds and for issue of the shares to be issued upon conversion of the bonds.
Credit Suisse and Standard Chartered are the joint book runners for the offering. — Our Bureau
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