Cable TV

IMCL: Hinduja Ventures divests minority stake

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MUMBAI: MSO company IndusInd Media and Communications Limited (IMCL)’s parent Hinduja Ventured Ltd. (HVL) has sold 0.13 equity stake in the company to a non-Hinduja Group company for Rs. 46.6 million (Rs. 4.66 crore).

The buying company bought into the MSO at a price of Rs. 466 per share based on IMCL equity valuation of Rs. 3444.06 crore as per an independent valuation.

The holding of HVL in IMCL after disinvestment will reduce to 446,58,583 equity shares, 60.43 per cent, of the paid up equity share capital of IMCL, according to information provided to the stock exchanges by HVL.

IMCL is an national level MSO that has widespread cable distribution network in the country and has been in the forefront of digitalising its networks to keep pace with changing times and technology.

Meanwhile, apart from divesting a minority stake in IMCL, the Board of Directors of the HVL approved disinvestment of 1,75,00,000 equity shares of Rs. 10 each held by the company in Hinduja Energy (India) Limited as per independent valuation of Rs. 31.58 per share to third party.

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