Videocon Industries shares hits 5% upper circuit after NCLT clears Vedanta firm’s Rs 2,900-crore bid for Videocon

Videocon Industries

Videocon Industries share price jumped 5 percent at open on June 9 after National Company Law Tribunal (NCLT) cleared Vedanta Group firm Twin Star’s bid for Videocon Group.

The Mumbai bench of NCLT on June 8 approved Vedanta Group subsidiary Twin Star Technologies’ resolution plan for Videocon Industries and 12 other companies of the Videocon Group. As per the terms of the resolution plan, Videocon Industries will be delisted, the company said in a notification to the stock exchanges.

“The said Resolution Plan, as approved by the CoC, had been filed with the NCLT in accordance with the Section 30(6) of the Code for its approval on December 15, 2020. This is to further intimate you that Hon’ble NCLT has pronounced the order on June 08, 2021 approving the Resolution Plan for the Consolidated Corporate Debtors including the Company, under Section 31 of the Code (“Approval Order”),” Videocon Industries informed the exchanges.

Videocon Industries’ financial creditors had filed claims of Rs 59,452 crore, of which claims worth Rs 57,444 crore were admitted, as on November 12, 2018, showed filings on the company’s website.

The stock was trading at Rs 6.43, up Rs 0.30, or 4.89 percent. It has touched an intraday high of Rs 6.43 and an intraday low of Rs 6.43. There were pending buy orders of 5,502,769 shares, with no sellers available.

The scrip also witnessed a spurt in volume by more than 3.16 times and was trading with volumes of 2,259,970 shares, compared to its five day average of 644,517 shares, an increase of 250.65 percent.
In its notification, Videocon said that the approval order has not yet been published and is awaited. Upon the approval order being made available by the NCLT, Videocon would make appropriate disclosures as required. It will also make the appropriate disclosures with respect to the delisting of shares upon receipt of the copy of the approval order by the NCLT.

News Source: Moneycontrol

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