Hinduja Ventures Limited approves issue of 36953438 shares

The Board of Directors of Hinduja Ventures Limited at its Meeting held today, noted the issue of 36,953,438 equity shares of face value of Rs. 10/- each for cash at a premium of Rs. 195/- per share aggregating to Rs. 7,57,54,54,790/- on the rights basis by IndusInd Media & Communications Ltd., a subsidiary of the Company (IMCL) in the proportion of 1:2 i.e. one equity share for every two shares held. b) the redemption of 27,03,60,000 10% Redeemable Cumulative Preference Shares of Rs. 10/- each held by the Company in IMCL.

The Board approved to renounce 2,23,29,292 equity shares of Rs. 10/- each offered to the Company by IMCL, on rights basis in favour of Grant Investrade Limited, a wholly owned subsidiary of the Company['GIL'].

The proceeds of the rights issue will be utilised by IMCL for Redemption of Preference Shares, Repayment of ICD's [including ICD's provided by GIL] and the balance if any, for general corporate purpose.

Shares of HINDUJA VENTURES LTD. was last trading in BSE at Rs.516.1 as compared to the previous close of Rs. 515.3. The total number of shares traded during the day was 922 in over 51 trades.

The stock hit an intraday high of Rs. 523 and intraday low of 510. The net turnover during the day was Rs. 473569.

Source : Equity Bulls

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