Queency Jain –
Vedanta shares went up by almost 1% after the Mumbai bench of the National Company Law Tribunal (NCLT) allowed Twin star Technologies to take over Videocon Industries.
Just after the announcement to take over, the shares of Vedanta group have experienced an intra-day spike in their value from Rs. 272 to Rs. 275.
Twin star Technologies, which is basically a part of Vedanta Group, will be paying about 30 billion to Videocon lenders.
Twin Technologies are expected to put up 5 billion within the period of 90 days while the rest of the amount will be in the form of non-convertible debentures.
The decision of the Court comes after the lenders of Videocon have sought the Court’s approval over the resolution plan by Twin Technologies.
In 2019, Videocon’s reputation experienced a downfall after the debt stood at more than Rs. 635 billion which the company disclosed on its website under the column of bankruptcy case-related disclosures.
