Videocon D2H to sell stake to US-based SEAC

The agreement between the companies was closed on December 31, 2014.

Jan 06, 2015 03:01 IST India Infoline News Service

As per the media report, Videocon D2H has entered into an agreement with Silver Eagle Acquisition Corp (SEAC), under which the US-based special purpose acquisition company will invest $300 million for about 33.5% stake,

The deal may be valued at $900 mn.

Report said the transaction has been done through American Depository Receipts bought and sold on American markets, through which Videocon D2H will get listed on Nasdaq.

The agreement between the companies was closed on December 31, 2014. 

The stock has pared some gains and is now up 1.5 per cent at Rs. 164.

The counter has seen trades of around 70,000 shares as against the two-week daily average volume of around 50,000 shares on the BSE.

Meanwhile, the Sensex has extended losses and now crashed by 591 points to 27,251.

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