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Videocon Responds To Stock Market Query On Rs 22,000-Crore Loan Extension

Videocon give a reply stating that it doesn't comment on market rumours

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Videocon Responds To Stock Market Query On Rs 22,000-Crore Loan Extension

Videocon said company doesn't comment on the speculative market reports

On March 12, the national stock exchange had sought explanation from Videocon regarding the news titled 'Videocon Seeking extension for Rs 22,000 crore loan from 17 banks: report"

On Friday evening (March 16, 2018), Videocon replied to the query in a stock market filing.

In the stock filing, Videocon replied, "The company doesn't comment on the rumours and speculative market reports." The company further said that it would like to submit that it is not aware of any information that has not been announced to the exchanges with regards to the captioned subject.

The company also claimed, in the stock market filing, that it has been fully complaint with the provisions of the SEBI (listing obligations and disclosure requirements) Regulations 2015. (SEBI LODR) including the provisions with regards to dissemination of corporate information/ events, which could have a bearing on the operation/ performance of the company to the stock exchanges.

The statement is signed by Venugopal N Dhoot, managing director and CEO of Videocon Industries Ltd.

Comments
In a news report published last year on a business portal, it was reported that "the stressed consumer electronics-to-energy conglomerate wants an extension in its loan repayment period by five years so that it can unload its assets to cut debt. VIL has not requested for any 'haircut' on interest payments."

Venugopal Dhoot, chairman of Videocon Industries, was also quoted as saying, "We are not asking for any interest waivers. We are only requesting banks to delay the repayment of the dues by five years. The stock price will bounce back after the initial panic as the company is backed by strong underlying assets."
 

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