Videocon D2H, the satellite television arm of Videocon Group, made its Nasdaq debut on Tuesday following the listing of $325 million (Rs.2,015 crore) worth of American depository receipts it had sold to US-based Silver Eagle Acquisition Corporation. It has become India's most valued company on Nasdaq with a market capitalisation of $1.15 billion.
Company is awaiting the Indian market regulator's nod for an initial share sale on local bourses to raise up to Rs.900 crore. In January, Videocon signed a deal with Silver Eagle Acquisition, under which the US-based special purpose acquisition company bought 33.5% stake in the company . The stake-buy will allow SEAC's chief Harry Sloan and president Jeff Sagansky to come on the board .
Venugopal Dhoot, chairman of Videocon Group, said that most of the proceeds from the US listing will be used for buying standard definition and high definition settop boxes, outdoor units, repaying some part of its Rs.2,000 crore debt, working capital requirements, capital expenditure and brand building exercises. Investments will be critical for expanding operations here which will undergo the third and fourth phases of cable television digitisation.
Company is awaiting the Indian market regulator's nod for an initial share sale on local bourses to raise up to Rs.900 crore. In January, Videocon signed a deal with Silver Eagle Acquisition, under which the US-based special purpose acquisition company bought 33.5% stake in the company . The stake-buy will allow SEAC's chief Harry Sloan and president Jeff Sagansky to come on the board .
Venugopal Dhoot, chairman of Videocon Group, said that most of the proceeds from the US listing will be used for buying standard definition and high definition settop boxes, outdoor units, repaying some part of its Rs.2,000 crore debt, working capital requirements, capital expenditure and brand building exercises. Investments will be critical for expanding operations here which will undergo the third and fourth phases of cable television digitisation.
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