What happened to Videocon Group?

What happened to Videocon Group?

Decline. In 2018, following losses in its oil businesses, the company entered insolvency proceedings.

What happened to Videocon shares?

Equity shares of VIL, owned by Twin Star Technologies, having a face value of Rs 10 per fully paid-up equity share capital shall be issued to the financial creditors “in proportion to their respective portion of the converted debt”, it added. …

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 take over Videocon Industries?

Billionaire Anil Agarwal’s
Billionaire Anil Agarwal’s Twin-Star Technologies had offered Rs 2,962 crore to takeover Videocon Industries, which was 4.15 per cent of the admitted claims of Rs 64,838.63 crore of lenders.

Is Videocon getting delisted?

Videocon Industries Ltd and Values Industries Ltd will be delisted as part of the resolution plan approved for the bankrupt-Videocon group. Videocon Industries has fixed June 18, 2021 as the ‘record date’ for the purpose of delisting of equity Shares from the BSE and the NSE.

Who is buying Videocon?

The Mumbai bench of the National Company Law Tribunal on Tuesday approved the resolution plan submitted by Anil Agarwal-owned Twin Star Technologies for acquiring Videocon Industries Ltd. Twin Star Technologies offered to pay ₹2,962 crore against Videocon’s financial liabilities of around ₹62,000 crore.

Is Vedanta taking over Videocon?

The assets include Ravva Oil and Gas Fields in the Krishna Godavari Basin in which Vedanta can now become the single largest shareholder by consolidating its holding and taking over Videocon’s 25\%. Vendanta arm Cairn already owns 22.5\% in the field, while state-owned ONGC has 40\%.

Is Videocon share good to buy?

I think you can surely go with videocon industries as a pure bet on Debt or NPA companies. At present level of around Rs 20, stock may continue to consolidate even for more few months. But yes any solid revival plan has potential to double or even triple the stock price within 1–2 months.

Should I buy Videocon shares?

Deepak Shenoy, Founder, Capital Mind, has advised investors to stay away from Videocon shares as the resolution plan envisages delisting of the scrip, which means the stock value will ultimately become zero. Don’t buy Videocon. Shares of Videocon Industries hit upper circuit limit of 5 per cent on Tuesday at Rs 7.80.

Is Anil Agarwal a billionaire?

Anil Agarwal was ranked second in Hurun India Philanthropy List 2014 for his personal donation of Rs. 1,796 crore (about $360 million). He was ranked 25th in the Hurun India Rich List with a personal fortune of 12,316cr.

What will happened to Vedanta shares?

Upon delisting, the company “will concentrate” all trading of its equity shares on the BSE Limited (BSE) and the National Stock Exchange of India Limited in India (NSE),” Vedanta said in an exchange filing on Thursday. In May 2020, the promoters of Vedanta announced a delisting offer at Rs 87.5 per share.

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.

What happened to the business of Videocon?

They merged their DTH services with Dish TV. They sold ownership in some of their gas fields. The telecom business went to Airtel. But none of it really made much of a dent. And finally, Videocon was admitted to the bankruptcy court (NCLT) in 2018.

What are the blind spots of valuevideocon?

Videocon’s dominant business all throughout was its consumer electronics which accounted for as much as 85 per cent of its FY17 turnover but the blind spots of the company were two-fold — managing cash flow and investments to upgrade technology and continue research and development.

What is Videocon bankruptcy case?

And finally, Videocon was admitted to the bankruptcy court (NCLT) in 2018. The claims against the group’s companies, Videocon Industries and Videocon Telecommunications, added up to a whopping Rs 88,000 crore, making it India’s largest bankruptcy case ever. And according to bankruptcy laws, their case should have been resolved within 270 days.

Why did Videocon go into a debt trap?

So, it made business sense for Videocon to diversify into unexplored territories. This diversification led to aggressive borrowings for the company, which led them into a debt trap in a span of 10 years. Despite becoming a conglomerate, only the consumer electronics segment of Videocon could sail its boat forward.