Videocon rises 4.9% on NCLT nod for Vedanta firm’s offer

Mining group’s stake in Ravva oilfield to rise to 47.5%

Shares of Videocon Industries Ltd. (VIL) jumped by the maximum permissible 4.9% to ₹6.43 on the BSE on Wednesday, a day after the Mumbai bench of the National Company Law Tribunal (NCLT) approved the ₹2,962 crore bid by Vedanta Group company Twin Star Technologies Ltd. to acquire bankrupt VIL and 12 other group entities. Vedanta’s Volcan Investments told the LSE the group’s interest in the Ravva oilfield would rise to 47.5% post acquisition. “The bid for the Videocon asset consists of an upfront payment of almost $40 million,” Volcan said in the filing. “The remaining deferred payments shall begin post completion of 2 years from the acquisition date.”