HOME
NATION
NATION (OPINION)
BUSINESS & ECONOMY
INTERNATIONAL
SCIENCE & TECHNOLOGY
ENTERTAINMENT
LIFESTYLE & FASHION
SPORTS
TRAVEL
NATION
NATION (OPINION)
BUSINESS & ECONOMYINTERNATIONAL
SCIENCE & TECHNOLOGY
ENTERTAINMENT
LIFESTYLE & FASHION
SPORTS
TRAVEL
MORE STORIES President assures Leh of help, praises army Government may press panic button on Kashmir: BJP Digvijay objects to Chidambaram's saffron terror remarks Rubabuddin charges Modi with contempt of apex court Have to consider options to save question hour: Ansari US Open: Sania Mirza's run ends in women's singles Third generation mobile services to hit the markets soon Secrets of Asia's first global city Pakistani Taliban added to US terror list US hostage crisis ends as gunman shot dead
© 2008-2010 Dmanewsdesk.com
- All Rights Reserved.
- All Rights Reserved.
LIC, four banks likely to invest Rs 161 cr in Videocon
June 10, 2010
Mumbai: Four leading banks including IDBI Bank and country's largest insurer, Life Insurance Corporation of India, are likely to invest around Rs 160 crore in Videocon Industries, which will be used to fuel the electronics giant's expansion programme.
Videocon Industries is raising this amount as a part of its Rs 2,161 crore fund raising programme aimed at financing its business expansion plans.
The Rs 161 crore investment would be done by way of a preferential allotment and will enable the firm to meet its working capital requirements and on-going capital expenditure, the company said in a notice issued to its shareholders prior to its Extraordinary General Meeting later this month.
Other lenders, which would invest in the firm are ING Vysya Bank, Oriental Bank of Commerce (OBC) and State Bank of Patiala (SBP).
"The company is having a substantial amount of fund requirements to support the operations and growth in future.
IDBI Bank, ING Vysya Bank, OBC, SBP and LIC have expressed their intention to contribute to the equity of the company by way of preferential allotment," the company said in the notice.
Post-preferential allotment, the shareholding of the promoters in the company will come down to 66.67 per cent from the existing 68.46 per cent while the portion held by banks and financial institutions will rise to 3.55 per cent from 1.29 per cent presently.
Recently, the Board of the company had approved fund raising of up to Rs 2,161 crore through the equity route.
Apart from the preferential allotment, its Board has also approved Rs 1,000 crore through a qualified institutional placement and another Rs 1,000 crore through issue of equity shares or any other convertible instrument.
Post-issue, IDBI Bank will hold a 1.72 per cent of paid-up equity share capital in the company while the holding of LIC, ING Vysya Bank, OBC and SBP will stand at 5.26 per cent, 0.13 per cent, 0.33 per cent and 0.11 per cent respectively, the company said.
Videocon is a leading manufacturer of consumer electronics, home appliances and office automation equipment.
The company has also operations in areas like Internet services, petroleum exploration and power generation.
For the quarter ended March, the net profit of the company doubled to Rs 1.49 crore as against Rs 72.98 lakh over the corresponding period a year ago. Net income jumped up to Rs 28.40 crore in the quarter from Rs 22.14 crore in the year-ago period.
For the half-yearly period ended March 31, net profit rose to Rs 2.81 crore from Rs 1.33 crore in the same period last fiscal.
Videocon Industries is raising this amount as a part of its Rs 2,161 crore fund raising programme aimed at financing its business expansion plans.
The Rs 161 crore investment would be done by way of a preferential allotment and will enable the firm to meet its working capital requirements and on-going capital expenditure, the company said in a notice issued to its shareholders prior to its Extraordinary General Meeting later this month.
Other lenders, which would invest in the firm are ING Vysya Bank, Oriental Bank of Commerce (OBC) and State Bank of Patiala (SBP).
"The company is having a substantial amount of fund requirements to support the operations and growth in future.
IDBI Bank, ING Vysya Bank, OBC, SBP and LIC have expressed their intention to contribute to the equity of the company by way of preferential allotment," the company said in the notice.
Post-preferential allotment, the shareholding of the promoters in the company will come down to 66.67 per cent from the existing 68.46 per cent while the portion held by banks and financial institutions will rise to 3.55 per cent from 1.29 per cent presently.
Recently, the Board of the company had approved fund raising of up to Rs 2,161 crore through the equity route.
Apart from the preferential allotment, its Board has also approved Rs 1,000 crore through a qualified institutional placement and another Rs 1,000 crore through issue of equity shares or any other convertible instrument.
Post-issue, IDBI Bank will hold a 1.72 per cent of paid-up equity share capital in the company while the holding of LIC, ING Vysya Bank, OBC and SBP will stand at 5.26 per cent, 0.13 per cent, 0.33 per cent and 0.11 per cent respectively, the company said.
Videocon is a leading manufacturer of consumer electronics, home appliances and office automation equipment.
The company has also operations in areas like Internet services, petroleum exploration and power generation.
For the quarter ended March, the net profit of the company doubled to Rs 1.49 crore as against Rs 72.98 lakh over the corresponding period a year ago. Net income jumped up to Rs 28.40 crore in the quarter from Rs 22.14 crore in the year-ago period.
For the half-yearly period ended March 31, net profit rose to Rs 2.81 crore from Rs 1.33 crore in the same period last fiscal.
Business & Economy
LIC, four banks likely to invest Rs 161 cr in Videocon
Delhi to have designated autorickshaw stands
Bajaj Allianz launches easy-to-buy home insurance
Internet surpasses 193 mn domain name registrations
Ensuring Pak don't use military aid against India: US
Lodhas plan world's tallest tower
Buying luxury cars, bikes to be costlier in Delhi
'Zain, Bharti to close MTN deal on Tuesday'
Stand on power tariff in three days, Dikshit tells BJP
Break builder-politician nexus: Parekh
Boeing urges AI to go for smaller aircraft
Canadians offer cheaper substitutes for costly Indian lentils
Petrol price may rise by Rs 4.50, diesel by Rs 2
Just Wink and grab big e-book releases
25% public holding mandatory for listing on bourses
Delhi airport's terminal 3 to be ready by July
Rush for H-1B visas slows as low wages, protectionism take sheen off US jobs
Petrol, diesel may go dearer by Rs 3.50
Hot Gigs in town
Minorities, deprived classes lost faith in CPI-M: Ahamed
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
151
152
153
154
155
156
157
158
159
160
161
162
163
164
165
166
167
168
169
170
171
