MUMBAI: The Hinduja group is in a consolidation mood. Especially in its media business. Group company Hinduja Ventures informed the Bombay stock exchange today that it was buying both ordinary and preferential shares of Indusind Media & Communications Ltd (IMCL) from another Hinduja venture Grant Investrade Ltd (GIL).

IMCL runs the InCable Net, IN Digital, IN2Cable and IN Phone businesses, while GIL is getting ready to aggressively roll out its HITS platform NXT Digital after its launch last year.

In the communiqué, HVL has stated that it will be buying 43.03 lakh Rs 10 face value shares (equal to 5.82 per cent of IMCL's paid up capital) of IMCL at a premium of Rs 456 per share, and it will also purchase 7.04 million preference shares (equal to 26.02 per cent of IMCL's paid up preference capital) of Rs 10 each at par from GIL.

HVL's holding in IMCL will rise to 61.91 per cent from 56.09 per cent once the transaction is completed by 20 July 2016.

IMCL, according to the notification had a turnover of Rs 434- odd crore and a net worth of 139.20 crore in the year ended 31 March 2016.

Observers say that the transaction will allow some funds to be infused into GIL as it moves to take NXT Digital to its next phase.