Videocon Industries announced that it has launched an issue of USD 200 million direct, unsubordinated, unconditional and (subject to the conditions of the negative pledge) unsecured convertible bonds due 2015, convertible into ordinary equity shares of the company, on December 2nd 2010.

The company has decided to issue the bonds for capital expenditure on new and existing projects, overseas direct investment in joint ventures and wholly owned subsidiaries subject to the existing FEMA guidelines, and 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.

Application will be made for the bonds to be listed on the Singapore Exchange Securities Trading and for in-principle approval for the shares to be Issued upon conversion of the bonds to be listed on the NSE and BSE.

(Sourced from IRIS.com)