Vedanta 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. At 11:15 am, 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.
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.