The Videocon stock fell by another 10 per cent on Wednesday, after falling 36 per cent early this week. The share price has been falling on rising concerns over debt repayment issues. Recently, Dena Bank had tagged the firm a non-performing asset, and there are news reports suggesting other banks are considering a similar move. The company is taking steps to cut its debt, worth Rs 22,000 crore, to Indian banks. It owes another Rs 22,000 crore to foreign banks, serviced by its foreign assets; there is no default on overseas loans. The group has sold several assets in the past three years to meet its commitments and plans to sell more. Here are its assets which are on the block or have already been sold:
Kenstar consumer business
The company has put its Kenstar consumer goods business and brand on sale and, according to insiders, 20 companies have made a bid for the business, which sells home appliances. It could fetch around Rs 2,000 crore for the firm, sources sayDTH business
The direct-to-home TV business is being merged with Dish TV, creating India’s No. 1 satellite TV company. The promoters of Videocon will receive shares in the merged entity. On Tuesday, the Competition Commission of India cleared the merger proposal by both companies. In 2014, the satellite TV business was listed on Nasdaq and the group raised $300 million
via Videocon: Selling assets to repay debt | Business Standard News
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