Archies To Partner With Videocon

The media had reports that Videocon may enter into a possible buyout deal with the promoters of Archies Limited.

The Exchange, in order to verify the accuracy or otherwise of the information reported in the media and to inform the market place so that the interest of the investors is safeguarded, had written to the officials of the company.

Archies Limited has vide its letter inter-alia stated, "We have had no talks with Videocon Group for any kind of a buyout or strategic control 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." -- www.nseindia.com

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