Hinduja's IMCL raises Rs 757 cr

There was a rights issue of 36,953,438 equity shares at face value of Rs 10 each

Hinduja Ventures Limited's media and entertainment arm IndusInd Media & Communications Limited (IMCL) has completed the rights issue of 36,953,438 equity shares at face value of Rs 10 each for cash at a premium of Rs 195 per share aggregating to Rs 7,57,54,54,790 in the proportion of 1:2. As a result, it has received an amount of Rs 757.55 crore from the existing shareholders/renouncees in whose favour the shares were renounced.

The funds thus raised will be used by IMCL to redeem the entire Redeemable Preference Shares of Rs 270.36 crore and repay its ICDs of Rs 370 crore. The balance Rs 120 crore will be used to fund the company's expansion in Phases III and IV of digitisation programme of the Government of India.