MUMBAI: Crest Animation Studios' US-based subsidiary is selling 13 per cent stake to a privately held Indian company for $1.14 million.

RichCrest Holdings Inc, Burbank proposes to allot 8590 common stock (equity shares) to a company engaged in the multimedia business, according to a posting on BSE.

Consequent to the allotment, Crest Communication Holdings Ltd, Mauritius will hold 87 per cent of RichCrest Holdings. Before the placement, RichCrest Holdings was a wholly owned subsidiary of Crest Communication Holdings Ltd, Mauritius.

As per the holding structure, Crest Communication Holdings Ltd, Mauritius is a wholly owned subsidiary of the Company.