Videocon Industries is trading higher by 3.5% at Rs 178 on over ten-fold jump in trading volumes. A combined 1.53 million shares have already changed hands on the counter so far, against an average sub 140,000 shares that were traded daily in past two weeks on the NSE and BSE.
“The company values at US$2.26 billion its 10% stake in a Mozambican block with large natural gas reserves,” Videocon Industries said in a filing.
The group based the figure on the $1.92 billion offer by Thai group PTT Exploration and Production to acquire the 8.5% stake held by Irish company Cove Energy in the same block where Videocon Industries controls 10%, it added.
