Hinduja Group has acquired 85,000 shares or 0.41% stake in its group company Hinduja Ventures Ltd (HVL), which, among others, houses the media and entertainment business of the group.
The transaction was through open market on 22 March. The shares of HVL had closed at Rs 655.3 a share.
As a result of the acquisition, the company’s holding in HVL has gone up marginally to 27.42%.
HVL also disclosed that Ashok and Harsha Hinduja have disposed of 85,000 shares or 0.41% stake in HVL to Hinduja Group. As a result, their holding in the company has fallen to 2.3%.
HVL operates across three segments: media and communication, real estate, and investment/treasury.
HVL is the holding company of IndusInd Media & Communications Limited (IMCL), which houses the company’s cable TV and headend in the sky (HITS) business. Apart from TV distribution, HVL also owns and operates cable movie channels. It also runs broadband business under Planet E Holdings.
The company is headed by Ashok Mansukhani whose tenure was recently by two years from 30 April 2018 to 29 April 2020. Mansukhani completes his existing term as whole-time director on 29 April.
With the aim of creating value in the media business, IMCL has been engaged in a focused restructuring exercise. As part of this exercise, the broadband business and the fibre optic network have been transferred to other companies and complete focus is being put on the cable TV and HITS business.
This, the company believes, will create long-term stakeholder value.
IMCL had earlier stated that it continues to make inroads into the rural areas of India through its HITS platform. It claims to be the only Digital Platform Operator (DPO) to cover all 29 States and four Union Territories due to penetration in last 12 months utilising NXT Digital HITS platform.
NXT Digital copes are active in 1068 pin codes with signals transmitted to 1394 pin codes in 888 distinctive locations.
The company feels that there is scope for deployment for DPO to an additional 30 million homes in the rural universe of 99 million homes. Another 20 million homes await power to households and will begin to watch television in next 3 years.
IMCL had also said that it has converted 95% of its subscriber base to pre-paid mode through the Local Cable Operator (LCO). It is in the process of converting the balance 5% homes to pre-paid.
#Hinduja Group#HVL#IMCL#IndusInd Media & Communications Limited
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