Videocon Int offer to open on June 15

The shares would be accepted in marketable lots of 100 shares and multiples thereof under the offer, the promoters said in a statement here.

The statement added that the promoters have opened an escrow account with IndusInd Bank and an amount of Rs 6 crore being over 25 per cent of the total consideration payable under the offer, is being deposited, they said.

They have opened collection centres at Ahmedabad, Bangalore, Calcutta, Chennai, Hyderabad, Jaipur, Mumbai, New Delhi and Pune where the shares and duly signed transfer certificates can be handedover. Shareholders from other places can deal directly with the registrars Karvy Consultants Ltd, Hyderabad, the promoters said..The details of the offer will be published in the newspapers on June 10 and 11 and the process is expected to be completed by August 1, 1998.

This announcement comes at a time when there have been reports that the offer price will be increased once again. The Dhoots had about couple of weeks ago increased their offer price from Rs 140 per share to Rs 165 per share.

The offer price was increased as the market price of the VIL scrip had shot past the open offer price of Rs 140. By increasing the offer price the acquisition cost had increased from Rs 19.6 crore to Rs 23.1 crore.