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Board of Hinduja Ventures approves consolidation of media vertical into a single group

Capital Market 

At meeting held on 27 August 2019

The Board of Directors of Hinduja Ventures at its meeting held on 27 August 2019 have approved Scheme of Arrangement between lnduslnd Media And Communications (Demerged Company) and Hinduja Ventures (Resulting Company) and their respective shareholders subject to all Statutory/ regulatory approvals and approval of the shareholders.

The Induslnd Media And Communications (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 lntertainment ("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.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, August 28 2019. 09:52 IST
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