Videocon rises 5% on banking foray, stake sale in gas field
Videocon sold its 10 percent stake in Mozambique gas field to state-owned ONGC Videsh and Oil India for USD 2.48 billion. Chairman Venugopal Dhoot said brazilian oil & gas assets valued at over Rs 40,000 crore and all of Mozambique proceeds would accrue to listed company.
June 26, 2013 / 12:18 IST
Moneycontrol Bureau
Videocon Industries shares rallied nearly 5 percent after the diversified conglomerate sold stake in Mozambique gas field. The company is also planning to foray into banking sector.Videocon sold its 10 percent stake in Mozambique gas field to state-owned ONGC Videsh (a subsidiary of ONGC) and Oil India for USD 2.48 billion. Chairman Venugopal Dhoot said brazilian oil & gas assets valued at over Rs 40,000 crore and all of Mozambique proceeds would accrue to listed company."We will use money to retire debt and reward shareholders. We are also looking for special dividend, bonus in next EGM," he added.Venugopal Dhoot of Videocon said the company applied for banking license on Tuesday. "We have seen strong interest from potential banking investors." At 11:59 hours IST, the stock was quoting at Rs 210.35, up 4.63 percent on the Bombay Stock Exchange.Also Read - Will continue to be in oil biz; keen on bank foray: Dhoot Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
