Cash-strapped company, Videocon Industries said that it is going to see heavy investment from some key financial players in India.

The biggest will be India's largest insurer, LIC and along with it four other big banks including IDBI are going to invest in the company. The amount, it is expected, will be close to Rs. 1,600 million.

This money will then be used by the company for its expansion process, which is also a part of its makeover strategy.

Money would be given in form of preferential allotments and will give Videocon the much-needed capital muscle.

For its future programs and to compete in new segments, the company needs heavy cash and so it has already issued a notice for an Extra Ordinary General meeting of its shareholders. The meeting is going to take place some time later this month.

Besides the two names mentioned above, the others who are expected to come forward and put their money are- ING Vysya Bank, Oriental Bank of Commerce (OBC) and State Bank of Patiala (SBP).

Post the announcement, the shares of Videocon Industries went down by Rs. 3.8 or 0.39 per cent. As many as 54,743 were traded on BSE, by 11:30 am on Thursday.