Hinduja Ventures to hike stake in IMCL

From 56.09% to 61.91%

Hinduja Ventures announced that the Board of Directors of the Company resolved to purchase 43,03,000 equity shares (constituting 5.82% of the paid up equity share capital of IMCL) of Rs 10 each at a premium of Rs 456 per share and 7,03,60,000 preference shares (constituting 26.02% of the paid up preference capital of IMCL) of Rs 10 each at par of IMCL, a subsidiary of the Company from Grand Investgrade, a wholly owned subsidiary of the Company.

After the acquisition of the above shares, the Company's holding in equity capital of IMCL will increase from 56.09% to 61.91% of the paid up equity capital of IMCL.

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