01-August-2021
Corporate News
 
'Videocon lenders to eventually take 50-55% haircut'
22-Jul-2021

Lenders to Venugopal Dhoot-founded Videocon Group will eventually take 50-55 per cent haircut and not 95 per cent as is being reported after considering about Rs 15,000 crore expected from the sale of the group's overseas oil and gas assets, its former CFO Rajneesh Gupta claimed. Videocon Industries Ltd, which is comprised of its consumer electronics business and interest in the Ravva oil and gas field, and its overseas oil and gas assets, mainly comprising of oil blocks in Brazil, are being auctioned separately to recover unpaid loans. While Anil Agarwal-led Vedanta Group has picked up Videocon Industries for Rs 2,962 crore, the bids for overseas assets are yet to be decided. Gupta, whose resignation as CFO was approved by resolution professional on March 30, 2021, claimed Videocon's consolidated CIRP (Corporate Insolvency Resolution Process) recovery is likely to exceed 40 per cent of the exposure. "Yes, there is a haircut but it is not 95 per cent, it is around 50-55 per cent.

News Source:- https://www.rediff.com/business/report/videocon-lenders-to-eventually-take-50-55-haircut/20210721.htm