Consumer durables major Videocon Industries today said its board had approved the raising of Rs 1,245 crore by issuing shares on rights and preferential basis. Of this, up to Rs 1,200 crore will be raised by allotting shares on rights basis, the company said in a filing to the Bombay Stock Exchange (BSE).
The board has also approved the raising of Rs 45 crore by issuing shares on a preferential basis to an independent non-promoter investor. Both the proposals are subject to shareholders’ approval.
Shares of Videocon Industries fell to Rs 200.85, down 9.89 per cent by close of Tuesday’s trade on the BSE.