Videocon appoints bankers to restructure oil & gas biz

Videocon appoints bankers to restructure oil & gas biz

Mumbai: Diversified Videocon Industries Ltd said it has appointed merchant bankers ICICI Securities and Morgan Stanley to help unlock value from its oil and gas assets through an initial public offering or demerger, a top official said on Monday.

“We have appointed merchant bankers to help us unlock value from our oil and gas assets and we will decide based on what decision they take," Venugopal Dhoot, Chairman told newschannel CNBC TV18.

“We have appointed ICICI Securities and another foreign merchant bank Morgan Stanley, who is also working on that," he added.

The company earlier in the day said it had discovered hydrocarbons in the Tarakan basin of Indonesia.

Last month too, it had announced a gas find in a second well in Mozambique in Africa.

At 1.48 p.m., shares of the company were up 2.11% at Rs258.5 in a firm Mumbai market.