Hinduja Ventures to help IMCL raise capital

MUMBAI: Hinduja Ventures on Thursday said it will seek shareholders approval for raising Rs 450 crore through loan for its subsidiary Indusind Media &Communications (IMCL).

IMCL proposes to raise Rs 450 crore (USD 100 million) through loans or convertible instruments, Hinduja Ventures said in a filing to the Bombay Stock Exchange.

It would seek shareholders' approval to a special resolution in this regard by way of postal ballot for providing guarantee up to Rs 800 crore per year, it said.

The company has appointed Ashish Bhatt, practising company secretary, as a scrutiniser for conducting postal ballot, it said.

The duly filled postal ballots should reach the scrutiniser till March 19, it said.

The chairman or in his absence any other person authorised for this would announce the result of the postal ballot on March 26 after submission of the report, it said.

The company had converged its media assets under IMCL, offering quality infotainment services and products to its consumers.