Hinduja group’s Amas Mauritius gets 5.1% stake in IMCL

MUMBAI: Amas Mauritius, a Hinduja group company, now owns 5.1 per cent equity stake in the country’s leading multi-system operator (MSO) IndusInd Media and Communications Ltd (IMCL).

The Hindujas, thus, up their controlling stake in IMCL.

Amas acquired the stake on conversion of 74.15 million 12 per cent cumulative redeemable preference shares of IMCL it held. The conversion was done at a price of Rs 145 per share (Rs 10 face value plus Rs 135 premium per share), following approval by the Foreign Investment Promotion Board (FIPB) and its shareholders.

The conversion of the preference shares into equity shares resulted in Hinduja Ventures Ltd’s (HVL) stake in IMCL falling to 61.17 per cent from 65.78 per cent. HVL’s businesses include the MSO business, investments and treasury and real estate, but more than 80 per cent of the revenues come from the MSO business.

The shares of HVL closed at Rs 483 per share, down 1.56 per cent in a flat market, on Monday on the Bombay Stock Exchange.

The MSO’s profit before tax in the second quarter ended 30 September narrowed to Rs 199.9 million from Rs 313.1 million in the first quarter on rise in expenditure on account of digitisation. Its income in the second quarter rose to Rs 1.36 billion from Rs 1.51 billion a quarter earlier.

The amount of capital deployed by HVL in the MSO business increased to Rs 3.96 billion from Rs 3.76 billion in the previous quarter.

Commenting on the performance of IMCL in the second quarter, HVL whole-time director Ashok Mansukhani said the advent of compulsory digitisation will help bring transparency in subscription numbers almost fivefold and help improve the top line and bottom line of the company.

The government has mandated digitisation in 38 more cities by 31 March 2013, after switching to digital delivery of cable TV in Mumbai, Delhi and Kolkata from 1 November. The revised deadline for switchover to digital delivery in Chennai is likely to be decided by the Madras High Court on Tuesday (tomorrow) after taking into consideration inputs from all the stakeholders.

Latest Reads
Pune Times joins hands with the Pune Police to launch the 'City Safe' app, as part of #MakeMyCitySafe initiative

Pune Times, city supplement of leading media house, The Times of India, has joined hands with Pune Police to support an initiative for women’s safety in the city. Pune Times has launched its campaign #MakeMyCitySafe as a big shout out to the youth of Pune to come together to make the city safer...

Technology Software Applications
HAL Robotics ropes in Navanit Samaiyar as board member and advisor

MUMBAI: HAL Robotics has roped in Navanit Samaiyar as its board member and advisor. Samaiyar has a record of setting up, scaling and transforming businesses across a very wide cross section of industries spanning from IT/ ITeS to steel, telecom, engineering goods, earthmoving machinery, logistics...

Technology Hardware Components
Republic TV launches Android app

MUMBAI: Republic TV is on a roll. From rocking the ratings chart in launch week itself to going international, the channel has added one more accomplishment to its kitty. The Republic TV Android app is now live.

Technology Software Applications
STB cos in India, China enhancing features, providing customised solutions, Technavio enlists top vendors

MUMBAI: The global STB market is characterised by intense competition as the market is saturated in developed countries. The market share of these players is declining because of the entry of new players. The STB companies are enhancing the features of STBs and providing customised solutions to...

Technology Hardware Set-top Boxes
India's PFT Clear Media ERP suite to help US' PBS content delivery

MUMBAI: Prime Focus Technologies (PFT), the technology arm of Prime Focus, announced that its CLEAR™ Media ERP Suite has been selected by Public Broadcasting Service (PBS) to enhance their Network Operations Center (NOC) ecosystem efficiencies and sustainability, with the objective of reducing...

Technology Software Applications
Broadcasters, OTTs to gain as Via adds xHE-AAC at special rate

MUMBAI: Via Licensing Corporation, a intellectual property solutions provider, has announced the upcoming availability of Extended High Efficiency AAC (xHE-AAC) as part of the Advanced Audio Coding (AAC) patent pool. The expanded patent pool licence will be available at no additional cost to...

Technology Software Applications
Tata Comm to deliver Motorsport videos on global devices

MUMBAI: Tata Communications will now deliver video content for viewers' all devices over its global network. The two have partnered to power the growth of the network’s internet television platforms.

Technology Software Applications
How to create live video content sans pros, convert radio broadcast into visual show

MUMBAI: ChyronHego will be showcasing its live production, automation solutions at Broadcast India show in Mumbai in mid-October.

Technology Software Applications
Sony renews IP licence deal with TiVo

MUMBAI: TiVo Corporation, a leader in entertainment technology and audience insights, has announced that Sony Corporation, a leader in consumer electronics, has renewed its multi-year intellectual property (IP) licence agreement. The license to TiVo’s patent portfolios covers all of Sony’s...

Technology Software Applications

Latest News

Load More

Sign up for our Newsletter

subscribe for latest stories