Videocon buys ‘some stake’ in Archies

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The Videocon group has bought "some stake" in greeting cards company Archies Ltd from the open market, but there have been no formal talks on any takeover, a top official of Archies said on Thursday.

"At this moment, I would not know the exact per centage that they have taken over," Anoop Campbell, chief financial officer, Archies, said

The Videocon group had sent out feelers to the Moolchandanis, Archies' founders, for a possible buyout, but due to valuation differences have purchased the shares from the open market over the last month, the newspaper said.

"They have just bought shares from the open market, but there have been no formal talks with them about any sort of a takeover," he said. "Not yet."

Campbell admitted that Archies had been approached by a couple of investment houses and bankers, but said the promotors were not looking at selling a strategic stake now.

The company is expanding and looking to raise funds through debt and equity dilution, Campbell said.

Shares in Archies have fallen almost 30 per cent in the first half of 2008.