MUMBAI: IndusInd Media & Communications Ltd (IMCL) has taken a step further towards its fund-raising plan. The company‘s board has approved a committee of directors to finalise the terms and investors for their proposed fund raising plans of up to Rs 5 billion.
Indiantelevision.com was the first to report that the company had plans to raise Rs 5 billion which it would utilise over a three-year period.
The fund raising will be in the form of equity / convertible into equity instruments. The company intends to use the proceeds to fund capex and acquisition plans.
Meanwhile, Hinduja Ventures‘ (HVL) media segment business, led by IndusInd Media & Communications Limited (IMCL), has posted a 183 per cent jump in net revenue for the quarter ended 30 September over the earlier year period.
Net profit from the segment stood at Rs 175.50 million, as against Rs 62.1 million in the year-ago period.
For the quarter, media subsidiaries reported a consolidated total income of Rs 948.9 million, an increase of 26.39 per cent from Rs 750.8 million in the corresponding quarter of the previous fiscal.
IMCL operates the multi-system-operator (MSO) business under the Incablenet brand, which claims a subscriber base of eight million across 27 major cities. The other media business of HVL include content creation, acquisition and aggregation for TV services.
IMCL offers 230 channels in the digital mode and about 90 channels in the analogue mode. It claims a backbone of over 10,000 kilometers of hybrid fibre optic network.
IMCL has deployed over 400,000 set top boxes for converting analogue home to digital homes. This also includes 150,000 digital boxes in the mandated Cas areas.
