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IndusInd Media board gives nod for rights issue
MUMBAI: Hinduja Ventures Limited has informed the Bombay Stock Exchange Limited pursuant to Regulation 30(9) and 30(12) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, that the Board of Directors of the company noted that IndusInd Media & Communications Limited, a subsidiary of the Company (“IMCL”) vide its letters dated 24 February, 2017, informed the company that the Board of Directors of IMCL has approved:
a) 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 aggregating to Rs. 7,57,54,54,790/- on the rights basis in the proportion of 1:2 i.e. one equity share for every two shares held.
b) the redemption of 27,03,60,000 10% Redeemable Cumulative Preference Shares of Rs. 10/- each held by the Company in IndusInd Media & Communications Limited, a subsidiary of the Company, according to a press release.
2. Approved to renounce 2,23,29,292 equity shares of Rs. 10/- each offered to the Company by IndusInd Media & Communications Limited, a subsidiary of the Company on rights basis in favour of Grant Investrade Limited, a wholly owned subsidiary of the Company [“GIL”].
3. The proceeds of the rights issue will be utilised by IMCL for Redemption of Preference Shares, Repayment of ICDs [including ICDs provided by GIL] and the balance if any, for general corporate purpose.
