Shareholders clear Videocon loans plan

Diversified business conglomerate Videocon Industries has secured its shareholders’ approval to make investments,provide securities and extend guarantees and inter-corporate loans up to an amount of Rs 25,000 crore.

In a filing to the BSE,the company said its shareholders have passed resolutions through a postal ballot to “make investments,extend guarantees,provide security (and) make inter-corporate loans up to an amount of Rs 25,000 crore.”

The company said its shareholders have also a passed resolution that enables it to borrow up to Rs 30,000 crore.

The shareholders have approved a previous proposal for “sell,lease,mortgage,or otherwise dispose of the whole or substantially the whole of undertaking of the company” to raise funds up to Rs 30,000 crore,the BSE filing said.