Financial Daily from THE HINDU group of publications
Tuesday, Jan 24, 2006
Financial Daily from THE HINDU group of publications Tuesday, Jan 24, 2006 |
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Corporate
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Outlook Variety - Entertainment & Leisure Media Video plans investments in video games, real estate Jayanta Mallick
Kolkata , Jan 23 MEDIA Video Ltd, a consumer electronics items manufacturer, has planned fresh investments of around Rs 84 crore for manufacture of TV/video games and a new real estate venture. The company's board is meeting tomorrow to clear the expansion plan. According to industry sources, the company is in the process of installing a TV/video games manufacturing system at its Bhiwadi plant in Rajasthan. It is also planning to set up another unit in Himachal Pradesh for games sets. The total fresh investment for TV/video games business has been estimated at Rs 30 crore. The envisaged capacity of the games units is one million sets a year. The company also has plans to invest around Rs 54 crore in the real estate business. It has acquired around 8.6 lakh sq ft at a Rajasthan industrial belt - 50 km off the national capital region - for a residential complex. The total cost of the project would be around Rs 120 crore and the construction work is scheduled to start in March this year. To enhance procurement of components and exploring the exports avenue, it plans to set up an office in Hong Kong. The company is expected to seek RBI permission shortly for implementing the proposal. The cost of expansion projects would be met from the proceeds of preferential share warrants of Rs 84 crore. The allotment of warrants would be made in February, market sources said. The promoters hold around 45.24 per cent stake in the company, while public holding is placed at 30.19 per cent. During the quarter ended September 2005, the company had allotted 26,80,538 equity shares of Rs 10 each to Bennett, Coleman & Co Ltd for cash at a premium of Rs 16 per share aggregating to 14.93 per cent of the paid-up capital of the company. The board will take on record the unaudited results for the quarter ended December 2005. The market expectation is that the company would report better sales and profits compared to the previous quarter. On Monday the stock closed at Rs 37.20, up more than four per cent, on the BSE.
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