Hinduja Ventures to increase its stake in IMCL to 61.91%

The Board of Directors of Hinduja Ventures, at its meeting held on July 13, 2016, unanimously resolved to purchase 4,303,000 equity shares (constituting 5.82 per cent of the paid up equity capital of IMCL) of Rs 10 each at a premium of Rs 456 per share. IndusInd Media & Communications (IMCL) is a subsidiary of Hinduja Ventures.

The Board also okayed purchase of 70,360,000 preference shares (constituting 26.02 per cent of the paid up preference capital of IMCL) of Rs 10 each at par of IMCL from Grant Investrade, another wholly-owned subsidiary of Hinduja Ventures.

After acquisition of these shares, Hinduja Ventures’ holding in equity capital of IMCL will increase from 56.09 per cent to 61.91 per cent of the paid up equity capital of IMCL.

IMCL was incorporated as a public limited company under the Companies Act, 1956 on February 23, 1995 in Maharashtra. The subsidiary of Hinduja Ventures is one of the largest multi system operators in the country.