Pledgees invoke 3.19% shares of debt laden Videocon

Debt-ridden Videocon group today said 3.19 per cent shares pledged by promoter group entities have been invoked by various pledgees.
In a BSE filing, Videocon Industries said 1.06 crore shares or 3.19 per cent stake in company, pledged by promoter group entities Videocon Realty and Infrastructures Ltd, TekCare India India Pvt Ltd, Solitaire Appliances Pvt Ltd, Electroparts (India) Pvt Ltd were invoked.
"Since October 18, 2017 till November 24, 2017, total 1.06 crore shares have been invoked by various pledgees. Due to such invocation...the promoters shareholding reduced to 3.19 per cent of the paid-up share capital of the company".
Promoter and promoter group entities held 58.05 per cent stake in the company. It now stands at 54.85 per cent.

Last month, the Videocon group, which is reeling under a debt of over Rs 40,000 crore, sold its home appliances brand Kenstar to private equity firm Everstone Group.
The Videocon group has also decided to merge its direct- to-home business to Dish TV. It had also sold its spectrum in six circles for a consideration of Rs 4,428 crore to telecom major Bharti Airtel.
Shares of Videocon Industries were trading 4.88 per cent higher at Rs 20.40 on BSE.