Videocon Industries rose 1% to Rs 163.15 at 11:16 IST on BSE on reports the company's unit, Videocon d2h, will sell 33.5% stake to US-based Silver Eagle for $300 million.
Meanwhile, the BSE Sensex was down 583.46 points, or 2.10%, to 27,258.86.
On BSE, so far 90,000 shares were traded in the counter, compared with an average volume of 48,202 shares in the past one quarter.
The stock hit a high of Rs 168.90 and a low of Rs 162.35 so far during the day. The stock hit a 52-week high of Rs 211.05 on 10 June 2014. The stock hit a 52-week low of Rs 154.95 on 16 December 2014.
The stock had outperformed the market over the past one month till 5 January 2015, rising 0.22% compared with 2.16% fall in the Sensex. The scrip had, however, underperformed the market in past one quarter, falling 4.21% as against Sensex's 4.80% rise.
The mid-cap company has an equity capital of Rs 318.77 crore. Face value per share is Rs 10.
According to media reports, direct-to-home service provider Videocon d2h will raise $300 million (around Rs 1900 crore) by selling a minority stake to Nasdaq-listed Silver Eagle Acquisition Corporation (SEAC) and its shareholders. Videocon d2h entered into an agreement with SEAC on 31 December 2014. As part of this agreement, the company will reportedly issue new shares in the form of American depositary shares. Videocon d2h will also get listed on the Nasdaq Stock Exchange, reports added.
Based in Mumbai, Videocon d2h is part of the Venugopal Dhoot-led $10-billion Videocon Group, which has interests in diverse areas such as consumer electronics, oil and gas, power, retail and insurance.
The company distributes over 500 digital television channels and other video and audio services to subscribers via direct satellite feeds. It had a subscriber base of 11.8 million and a market share of 16.5% in the Indian DTH segment as of 30 September 2014.
In September 2014, Videocon d2h filed draft papers with Securities and Exchange Board of India (Sebi) for an initial public offer (IPO) to raise up to Rs 700 crore.
Videocon Industries had reported 93.35% slide in net profit to Rs 1.34 crore on 1.4% rise in total income to Rs 3407.86 crore in quarter ended September 2014 over quarter ended September 2013. The current accounting year of the company has been extended by a period of six months. As such the current accounting year shall be of 18 months ending 31 December 2014.
Videocon Industries offers range of products in televisions, washing machines, air-conditioners, refrigerators, audio products, home theatre systems and microwave ovens. The company operates in four segments: Consumer Electronics and Home Appliances, Crude Oil and Natural Gas, Telecommunications, and Power.
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