The board has declared a total dividend of Rs 2.25 per share, inclusive of Re 1 per share declared as interim dividend, on annualised basis for the nine-month period ended March 31, 2000, a company release said.

During the year, HFL has completed the first phase of its convergence strategy, with the decision to acquire control in the companies related to technology, media and telecom.

The board of HFL will meet on April 27 to decide the swap ratios to acquire CVIL and Fascel through its 100 per cent subsidiaries Melody Trading and Hinduja Telecom respectively.

The board of HFL has also approved the acquisition of over 51 per cent control in Cable video (India) Ltd (CVIL) as also a controlling stake of 32.25 per cent in Fascel Ltd. CVIL operates the popular movie channel CVO while Fascel is a cellular operator in Gujarat. The company in order to exploit the synergies of `convergence', is merging with ALIT to foray in the technology segment, which has already been approved by the shareholders of both companies. The board has also approved the merger with Richman Investrade Pvt Ltd to acquire over 51 per cent stake in IndusInd Media and Communications Ltd.

The board approved the swap ratio of 1:5 for the merger (one share of Hinduja Finance would be issued for every five shares held by the shareholders of Richman). With this merger, Hinduja Finance, will acquire over 51 per cent control in IndusInd Media and Communications Ltd. IndusInd is the largest broadband cable multiple system operator (MSO) offering services under the brand InCablenet with over four million households served.With the proposed merger of Richman, the company will also acquire control in brands like in TV, InMumbai, the city specific cable channels. These channels are operating in Mumbai, Bangalore, New Delhi, Indore.

The equity capital of the company would stand at Rs 29.04 crore -- post-merger of ALIT and Richman. The final share capital would depend upon the swap ratios for HTIL and Melody, the release said.