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Videocon open to dilute up to 26% stake in telecom biz
Videocon Industries' Chairman and Managing Director Venugopal Dhoot said, "A number of foreign parties are interested in buying stake in Videocon Communication Ltd and we are open to diluting up to 26% stake in the company. However, nothing has been finalized so far."
Reports suggested that the electronic major Videocon Industries might sell up to 26% stake in telecom operations, which were launched in March, to foreign operators.
Confirming the same, Chairman and Managing Director Venugopal Dhoot said, "A number of foreign parties are interested in buying stake in Videocon Communication Ltd and we are open to diluting up to 26% stake in the company. However, nothing has been finalized so far."
Further, commenting on the timeline, he said, he wasn't sure of when it would happen. "When business proposals happen, they happen on immediate basis. It is possible that it might just not happen. Maybe the terms and conditions are changed. Several investment bankers are taking our proposals and are trying their best to materialize this deal, which is still at the proposal stage. There is no fixed timeline yet."
Videocon Industries, he said held 100% stake in the telecom subsidiary. Further he said the company was valued at Rs 12,000 crore as per KPMG and how much could be roped in via this 26% stake sale was something that the investment bankers were working on. He was quick to add that the sale should bring in a significant capital inflow.
