| MUMBAI:
HT Media Ltd is hiving off its Hindi news business that contains the daily ‘Hindustan’
to its subsidiary Hindustan Media Ventures Ltd with effect from 1 December, 2009.
The spinoff will
be per the book value of the Hindi business and for a consideration of Rs 1.49
billion, including net working capital of Rs 240 million. The
company board, in its meeting today, approved the "sale/transfer of the Hindi
Business Undertaking", HT Media said. Hindi
Business Undertaking also comprises Hindi magazines 'Nandan' and 'Kadambini' and
internet portals of respective publications. The
spinoff will include all assets, liabilities and employees pertaining to the undertaking.
HT
Media said the net working capital shall be adjusted and transferred as per “actual
books of accounts to be certified by the Statutory Auditors, as on 30 November,
2009”. | 
