Mumbai: IndusInd Media & Communications Limited, a subsidiary of Hinduja Ventures Ltd. (“IMCL”) has completed the rights issue of 36,953,438 equity shares.
The Company has notified to the market regulators BSE and NSE through a letter authorised by its whole Time Director Mr Ashok Mansukani communicating that IMCL has completed the said rights issue and has received an amount of Rs. 757.55 Crores from existing shareholders/ renouncees in whose favour the shares were renounced as per the previous notifications issued through the letter dated March 06, 2017.
Apparently, IMCL has completed the said rights issue at the of face value of Rs. 10/- each for cash at a premium of Rs. 195/- per share aggregating to Rs. 7,57,54,54,790/- in the proportion of 1:2 ratio.
The notification also stated that the infusion of the funds has resulted in IMCL being able to redeem the entire Redeemable Preference Shares of Rs. 270.36 Crores, repay its ICDs of Rs. 370 Crores and have a balance of over Rs. 120 Crores to fund its expansion in Phases III and IV of digitization programme of the Government of India.
IMCL’s expansion in the Phase III markets and the proposed expansion in the Phase IV markets are on the HITS platform under brand name NXT DIGITAL, offered by its associate Grant Investrade Limited.