Further to our letter dated March 06, 2017 towards 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 in the proportion of 1:2 by IndusInd Media & Communications Limited, a subsidiary of the Company (IMCL), we would like to inform that IMCL has completed the said rights issue and has received an amount of Rs. 757.55 Crores from existing shareholders/ renouncees in whose favour the shares were renounced. The infusion of the funds has resulted in IMCL being able to redeem the entire Redeemable Preference Shares of Rs. 270.36 Crores, repay its ICDs of Rs. 370 Crores and have a balance of over Rs. 120 Crores to fund its expansion in Phases 3 and 4 of digitization programme of the Government of India. Please find enclosed a Press Release being issued by the Company in this respect which is self-explanatory. Request you to kindly take the same on records.
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