Hinduja Ventures Limited, the listed holding company of integrated digital platform IndusInd Media & Communications Ltd, has been rechristened as ‘NXTDIGITAL Limited’ with all regulatory approvals, the company said.
The re-branding comes close on the heels of the various actions being undertaken as part of the corporate reorganisation which involved demerging of the cable television and HITS business from IndusInd Media & Communications Ltd (IMCL) and merging it with NXTDIGITAL, subject to all statutory approvals, it added.
The board of directors at its meeting held on August 27, 2019 had approved the scheme of arrangement by which the media and communications undertaking of IndusInd Media & Communications Limited will demerge into the company with appointed date as October 1, 2019, subject to regulatory and shareholders approval.
Meanwhile, on a consolidated basis, NXTDIGITAL Limited reported a total income of Rs 387.32 crore for the quarter ended September 30, as against Rs 170.39 crore during the corresponding period of last year.
The company reported a consolidated net profit after tax of Rs 124.18 crore for the quarter as against a net loss after tax of Rs 175.20 crore for the year-ago period.
Source: The Hindu