May 29, 2012/MUMBAI: The promoters are upping their stake marginally in Indusind Media & Communication Ltd (IMCL) to 93 per cent, after converting preference shares into equity.
The government has permitted the Hinduja-owned company, which runs the cable TV business under the Incablenet brand, to convert seven-year cumulative non-convertible redeemable preference shares into equity.
Amas Mauritius, a promoter group company, had earlier invested Rs 740 million in IMCL, a source said. The cost per share works out to Rs 121 as preference shares being issued is 6.1 million.
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