IndusInd Media plans to raise $100 mn ahead of IPO

MUMBAI: IndusInd Media and Communications Ltd, the media subsidiary company of Hinduja Ventures Ltd, plans to raise $100 million, a major chunk of which will be used to fund acquisitions.

The multi-system operator (MSO) has separately raised Rs 1 billion of debt from General Electric (GE), a senior executive in the company said.

IMCL, which operates its cable TV business under the InCablenet brand, has mandated Deutsche Bank to raise fresh capital.
?We are in the market to raise $100 million. We have mandated Deutsche Bank for this. We are looking at various options including convertible instruments,? IMCL managing director and chief executive officer Ravi Mansukhani told

IMCL plans to use three-fourth of the amount raised for acquiring cable TV networks. ?We are looking at small and big-ticket acquisitions. We want to build size and up the valuations of the company before we head for an initial public offering (IPO) in future date. For digitisation, we have a separate funding plan to meet the capex requirements,? said Mansukhani.

IMCL had earlier planned an IPO but changed its stance as the newly listed cable TV entities, Den Networks and Hathway Cable & Datacom, have dropped in market value.

?We believe the value of the top-rung MSOs will get a significant boost once the government fixes up a schedule for digitisation. We want to also expand on our size before we go for a public float,? said Mansukhani. 
Even on the acquisition front, IMCL has changed gears. Earlier, the focus was to buy small-sized cable TV networks and expand geographies.

?We see an opportunity out there when the other MSOs are not on a buying spree. The valuations have dropped and we are ready to make big-ticket acquisitions ahead of the government?s digitisation schedule. The acquisition focus now will be not on expanding into new geographies but on consolidating and growing in existing operational cities,? said Mansukhani.

IMCL plans to have a strong broadband story once the digital path is properly spelt out. The MSO is currently experimenting on new technologies where it will not have to entirely overhaul its network to load on broadband capability.

?We won?t have a problem building up broadband revenues once we have pushed the digital set-top boxes in. The script will change after the government announces the sunset date for the digitally notified areas. It is companies like You Telecom who will need to grow their cable TV presence in order to provide broadband,? said Mansukhani.

Latest Reads
Livestreaming App SWOO sees momentum in India; Launches Trivia Format in India

SWOO, a leading global livestreaming platform established in Middle East, today announced the launch of its SWOO TRIVIA SHOW ? a celebrity hosted live video streaming game show for Indians. SWOO is a user friendly, engaging and feature-rich live broadcasting app available across Android/ iOS/ Web...

Technology Software Applications
TiVo exits STB business

MUMBAI: TiVo is exiting the manufacturing, sales and distribution of set-top boxes to a yet-undisclosed third party, the company has said.

Technology Hardware Set-top Boxes
IET India IoT Panel joins hands with exhibitions india group for the 3rd edition of IoT india congress

IoT India Congress is India?s Platform of Platforms for the Internet of Things conceptualized by IET India IoT Panel, a think tank constituted by the Institution of Engineering and Technology (IET) India. The 3rd edition of IoT India Congress will be hosted in collaboration with India?s leading...

Technology Software Firmware
Tata Elxsi's Automation suite adopted by pan-European Media and Telecommunications Company

Tata Elxsi, a global design and technology services company, announced the licensing of its integrated test automation and monitoring suite ?FalconEye? to a pan-European media and telecommunications company for OTT automation and improving streaming performance.

Technology Software Firmware
Verimatrix recognized for contributions to latin american Pay-TV market with PRODU award win at NAB Show

LAS VEGAS: Verimatrix, a specialist in securing and enhancing revenue for network-connected devices and services, has received the PRODU Award for Best Pay-TV Technology Contribution on behalf of its MultiRights? OTT solution. MultiRights helps service providers effectively navigate the modern OTT...

Technology Software Firmware
Amagi debuts machine-learning powered content-preparation suite

Amagi, a cloud-based technology provider for media processing, has launched Tornado, a machine learning-based content preparation service that enables TV networks and content owners to scale their operations and accelerate broadcast workflows.

Technology Hardware Components
Sharp and TiVo extend interactive program guide deal to power content Discovery across entertainment devices

MUMBAI: TiVo Corporation (NASDAQ: TIVO), a global leader in entertainment technology and audience insights, today announced that Sharp Corporation will further utilize TiVo?s G-Guide HTML across Sharp 4K smart TVs and Ultra HD Blu-ray recorders in Japan, TiVo?s G-Guide xD app and remote schedule...

Technology Hardware Components
HARMAN announces Priyanka Chopra as global brand ambassador

HARMAN International, a wholly-owned subsidiary of Samsung Electronics Co., Ltd. focused on connected technologies for automotive, consumer and enterprise markets, today announced that actress, singer, producer and philanthropist Priyanka Chopra has been named a global brand ambassador for the...

Technology Hardware Components
Etere HSM expands interoperability with Grass Valley

Etere HSM features an integration with Grass Valley that improves interoperability, streamlines connectivity, enables faster content processing and includes deep archive capabilities. Etere introduces a new integration layer between Etere Hierarchical Storage Management (HSM) and Grass Valley...

Technology Hardware Components

Latest News

Load More

Sign up for our Newsletter

subscribe for latest stories