However, Archies said in a filing to the Bombay Stock Exchange that it was not into any discussions with Videocon Group.
"... The company have had no talks with Videocon Group for any kind of a buyout or strategic control stake sale," the filing stated.
Shares of Archies today opened at Rs 90.25 and soared 20 per cent to hit its upper circuit at Rs 105.75.
At the end of the day's trade, the scrip settled at Rs 97.30, up 10.38 per cent from yesterday's close of Rs 88.15. Over 95,951 shares changed hands on the BSE.
Further, the filing stated that the company requires funds for its expansion, but ruled out options of a stake sale.
"The company requires funds for its expansion plans and for this purpose is looking into various options of fund raising such as debt finance and equity participation. However, there is no plan of promoters to sell their controlling stake," it added.
The Moolchandani family, promoters of Archies, holds 62.44 per cent in the company.
