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IndusInd sets off Rs 928 m against share premium account

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MUMBAI: Saddled with bad debts and a "dud" investment on conditional access system (CAS), leading multi system operator IndusInd Media & Communications (IMC) has done a financial restructuring.



IMC has set off the value of set-top boxes and smart cards of Rs 580.6 million against its share premium account. This is part of the Rs 1 billion total investment the company has made towards CAS.



The company has also set off bad debts of Rs 347.77 million against its share premium account as on 31 March, 2004. IMC has an additional debt burden of Rs 220 million.



"We have been having problems of receivables. Besides, the position on CAS was not clear. So we thought it would be a prudent approach to clean up our balance sheet," says a senior official in the company.



IMC also felt substantial marketing efforts and extensive awareness campaigns would be required to push for CAS. For long term interests, STBs needed to be seeded on trial basis or deployed under rental schemes to make them attractive.



IMC has Rs 1134.43 million left in its share premium account as on 31 March, 2004, after making these adjustments. This will be further augmented by an amount of Rs 530.79 million on completion of issue of shares to Kudelski SA.



Last year, IMC entered into an agreement with Kudelski SA, Switzerland for issuing around 3 per cent of its equity for $12 million.

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