Television

Hinduja Ventures to become an operating media corporation

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MUMBAI: The Board of Directors of Hinduja Ventures Limited (“HVL”) have approved Scheme of Arrangement between IndusInd Media and Communications Limited (Demerged Company) and Hinduja Ventures Limited (Resulting Company) and their respective shareholders subject to all statutory/ regulatory approvals and approval of the shareholders.

The IndusInd Media & Communications Limited (“IMCL”) business consists of digital content distribution using multiple platforms such as satellite and fibre. It also carries Broadband and internet business carried out through its subsidiary OneOTT Intertainment Limited (“OIL”). IMCL also has a dedicated unit that develops content for various platforms and owns a significant content library and movie negatives.

HVL believes that this media business has a high growth potential going forward due to a fast maturing industry and recent regulatory reforms like New Tariff Order (“NTO”). These stimuli provide the right opportunity to consolidate media vertical which will propel it to the next level of growth and performance. The exchange ratio for the proposed restructuring exercise shall be 10 equity shares of HVL fully paid up for each 125 equity shares of IMCL fully paid up.

Benefits of this consolidation into a single group will achieve flexibility, scale and financial strength. Upon segregation of identified business undertaking, post restructuring the Company shall be able to achieve higher long-term financial returns, increased competitive strength, cost reduction and efficiencies, productivity gains, and logistical advantages, thereby significantly contributing to future growth in their respective business verticals.

The benefits that shall accrue to the shareholders are Consolidation and growth of Media and Communications undertaking which will help to enhance and will show marked improvement in market shares and revenues.; Focused Management, Organization Efficiency and Operational Synergies; Unlock shareholders value; and Efficiency in Fund raising for harnessing future growth

The appointed date of the scheme of arrangement might be October 01, 2019 after securing all statutory and regulatory approvals.

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