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Is it good to invest in Videocon?
As long as you are ok to consider the invested money is lost it is a good buy. Videocon if gets freed from nclt can rally all the way to it’s old charm level. But it may end up being suspended from market as well if things don’t go in favour.
The financial creditors of the debt-ridden Videocon Industries will get 8 per cent equity in the entity created by the merger of 11 group companies with the firm as per the resolution plan, according to a public notice.
Why did Videocon failed?
The Videocon group fell into a financial crisis after the Supreme Court cancelled its wireless telephony licence in 2012 and the group’s flagship company Videocon Industries’ investment in the telecom arm turned bad. According to the NCLT order, shares of Videocon Industries (VIL) and Value Industries will be delisted.
Will Videocon recover?
Thus, the recovery is expected to be around 45 per cent and not 5 per cent as alleged,” he added. Videocon Industries and its 12 group companies had a total admitted claims of Rs 64,838.63 crore. It has also directed the resolution professional of the company will continue to manage the Videocon Group companies.
Who is buying Videocon company?
Vedanta Group
Billionaire Anil Agarwal’s Vedanta Group on Wednesday said it will make an upfront payment of almost $40 million (about Rs 292 crore) for the acquisition of Videocon Industries Ltd, which will help it become the largest shareholder in the Ravva oil and gas fields in KG basin.
What is the status of Videocon company?
Videocon is under corporate insolvency resolution process under the Insolvency and Bankruptcy Code and since September its affairs, business and assets are being managed by resolution professional Abhijit Guhathakurta.
Will Vedanta buy Videocon?
Billionaire Anil Agarwal’s Vedanta Group on Wednesday said it will make an upfront payment of almost $40 million (about Rs 292 crore) for the acquisition of Videocon Industries Ltd, which will help it become the largest shareholder in the Ravva oil and gas fields in KG basin. …
Did Vedanta buy Videocon?
Vedanta’s acquisition of Videocon assets may get derailed after NCLT order. The lenders to Videocon Industries, consisting of public-sector banks, are staring at a huge loss after the Mumbai Bench of the NCLT ordered the attachment of assets of the Dhoot family (the former promoters), and other top officials.