Corporate News 31-Mar-17
Hinduja Ventures provides update on subsidiary - IndusInd Media & Communications
IndusInd Media & Communications raises Rs 757.55 crore through rights issue
Hinduja Ventures announced that its subsidiary, IndusInd Media & Communications (IMCL) has completed the issue of 36,953,438 equity shares of face value of Rs. 10/- each for cash at a premium of Rs. 195/- per share and has received an aggregate Rs 757.55 crore from existing shareholders/ renouncees in whose favour the shares were renounced. The infusion of the funds has resulted in IMCL being able to redeem the entire Redeemable Preference Shares of Rs. 270.36 crore, repay its ICDs of Rs. 370 crore and have a balance of over Rs. 120 crore to fund its expansion in Phases 3 and 4 of digitization programme of the Government of India.
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