UK-based family office makes Rs 2,200 crore offer for Videocon Industries

New Delhi: A UK-based family office has made an offer of Rs. 2200 crore to Videocon’s lenders for a takeover of the company as a going concern, according to people aware of the matter.

The family office has made an offer through a London-based entity, V Shape Capital. The identity of the families whose wealth is managed by this family office is unknown.

The only details available on the website of UK’s company house, the corporate registry of that country, shows that V Shape Capital has two directors, both of Indian origin, Ajit Kumar and Suresh Chandra Pandya.

The offer is amongst eleven bids that a State Bank of India-led consortium of banks are currently evaluating, according to banking sources.

V Shape Capital could not be reached for comment. State Bank of India did not respond to ET’s queries.

Videocon Industries has a debt of Rs. 30,000 crore. This includes a principal amount that it had borrowed from banks of Rs. 16,000 crore while the rest is the interest component.

The lenders dragged Videocon Industries for insolvency proceedings two years ago after an RBI directive. They have also filed a claim in the debt recovery tribunal to invoke personal guarantees of Videocon’s promoters Venugopal Dhoot and his brother and former Rajya Sabha member of parliament Raj Kumar Dhoot.

The other bidders for the company include an affiliate of Vedanta group, US-based Eight Capital, Kotak’s private equity arm and a family investment firm of Bharti enterprises top honcho Akhil Gupta.

Videocon’s promoters have also made an offer to the lenders for a settlement of the company’s debt.