Vedanta Ltd shares firmed up by almost one per cent on the BSE after the Mumbai bench of the National Company Law Tribunal (NCLT) permitted Twin Star Technologies, a part of Anil Agarwal’s Vedanta Group, to take over Videocon Industries. The Vedanta shares were trading at Rs 275.10, higher by 0.70 per cent, on the BSE. The shares of Vedanta have touched an intra-day high of Rs 275 and a low of Rs 272 thus far.
Twin Star, a part of Agarwal’s Vedanta Group, will pay about Rs 30 billion ($410 million) to Videocon’s lenders, a Bloomberg report quoted people who asked not to be identified as the details are not public. The company will put up Rs 5 billion within 90 days and the remaining amount as non-convertible debentures over a period of time, they added.
- Stocks Under F&O Ban: Aditya Birla Fashion, Hindustan Copper, and Others
- Stocks in Focus: Tech Mahindra, Rail Vikas Nigam, Axis Bank, Reliance Industries, Others
- United Breweries Shares Hit 10% Upper Circuit on Stellar Q4 Update
- PhonePe Indus Appstore Launched Voice Search Feature For Ten Indic Languages
- Hindustan Unilever Announced a 6% YoY Decline in Net Profit; Declared Interim Dividend
Lenders had sought the bankruptcy court’s approval in December for the resolution plan submitted by Twin Star.
Videocon’s debt stood at more than Rs 635 billion in 2019, according to bankruptcy case-related disclosures on the company’s website. The BSE Sensex was trading at 52,396.66, higher by 118.77 points and the NSE Nifty was at 15,787.05, up 46.05 points or 0.29 per cent, at the time.
Stock Covered in the news