Twin Star Technologies

Billionaire Anil Agarwal-promoted Twin Star Holdings on Thursday divested a 4.1 per cent stake in conglomerate Vedanta Ltd for Rs 3,983 crore through an open market transaction. Following the stake sale, shares of Vedanta tumbled 6.71 per cent to close at Rs 253.90 apiece on the NSE. According to the bulk deal data available with the National Stock Exchange (NSE), Twin Star Holdings Ltd offloaded more than 15.40 crore shares, amounting to a 4.14 per cent stake of Vedanta Ltd. The shares were sold at an average price of Rs 258.55 apiece, taking the aggregate transaction value to Rs 3,983.10 crore. Meanwhile, Copthall Mauritius Investment acquired nearly 8.49 crore equity shares in two tranches and Societe Generale bought more than 2.94 crore shares, amounting to 2.2 per cent and 0.79 per cent, respectively, stake in Vedanta. The shares were purchased at an average price of Rs 258.50 per piece. This took the combined deal size to Rs 2,955 crore.

Anil Agarwal-led Volcan Investments has decided to rejig semiconductor business segment by bringing it under subsidiary Twin Star Technologies Limited, the group firm Vedanta said on Friday. Under the new structure, Twin Star Technologies (TSTL), which is a sister concern of Vedanta Ltd, will become its subsidiary and Vendanta's semiconductor and display business will be brought under TSTL. "The acquisition will be effected by way of a share transfer at face value of Twin Star Technologies Limited's (TSTL) Semiconductor and Display SPVs. TSTL is a wholly owned subsidiary of Volcan Investments Limited, the ultimate holding company of Vedanta Limited," Vedanta said in a statement. With this restructuring, Vedanta Limited announced the addition of semiconductors and display glass manufacturing ventures to its diversified portfolio. "Vedanta is committed to making India self-reliant in electronics. This is the beginning of the creation of a Silicon Valley in India, a cutting edge and .

The petitioners have pointed to the fact that the NCLAT order is contrary to previous Supreme Court judgments

Remits matter back to Videocon's CoC for fresh bids; resolution plan approved was for only 4.15% of total outstanding claim amount and total hair cut to all creditors was 95.85%

NCLAT allows appeal by Bank of Maharashtra, IFCI, which had contested Twin Star's resolution plan

NCLAT on Tuesday adjourned till September 20 the hearing on a batch of petitions challenging the approval for the takeover of bankrupt-Videocon Industries by Anil Agarwal's Twin Star Technologies

It has directed the erstwhile promoters of Videocon group to disclose in an affidavit their moveable and immovable properties/assets

Expresses surprise that Twin Star's bid was so close to liquidation value

Investment is likely to generate direct and indirect employment opportunities for over 30,000 people