Home Finance Videocon share price: NCLT corrects Vedanta Group’s bid, Videocon jumps 5%

Videocon share price: NCLT corrects Vedanta Group’s bid, Videocon jumps 5%

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New Delhi: Debt-ridden stocks hit the upper circuit on Wednesday National Company Law Tribunal (NCLT) approved the resolution plan Twin Star Technologies limited.

Twin Star Technologies is a Vedanta Group Company Led by Mining Magnet Anil Agarwal. It is set to acquire bankrupt Videocon Industries.

Shares of Videocon Industries jumped 5 per cent to Rs 6.43 in its upper circuit limit on Wednesday. BSE Sensex It was trading up 102.42 points or 0.20 per cent at the time of writing this report.

Videocon’s committee of creditors had approved the plan last year with 95.09 per cent votes. On December 15, 2020, the scheme was filed for the approval of the NCLT.

Videocon Industries said in a regulatory filing, “NCLT has promulgated u/s 31 of the Order (Approval Order) dated June 8, 2021 for approving the resolution plan for the consolidated corporate debtors including the company.”

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