MUMBAI: NDTV, in a communique to the BSE, says it has approved sale of stake in NDTV Ethnic Retail held by units -- NDTV Lifestyle Holdings, NDTV Convergence, NDTV Worldwide. It says it has approved the sale of a part of stake in Lifestyle Holdco held by unit NDTV Networks for INR 17.72 per share.
In the note, it says: This is to inform you that the Board of Directors of the Company (NDTV), at its meeting held on 5 May, 201 7, inter-alia, considered and approved the following:
Subject to the approval of the shareholders of the Com pa n y to be obtained th roug h passing of special resolution(s), sale/disposal of the entire equi ty stake owned and held by NDTV Lifestyle Holdin gs Limited, NDTV Convergence Limited and NDTV Worldwide Limited, each a material subsidiary of the Company in NDTV Ethnic Retail Limited, another material subsidiary of the Company, constituting approx. 99.92% of the total issued, subscribed and paid-up equity share capital of Ethnic, for INR 3.6518 per equity share to Nameh Hotels & Resorts Private Limited , a company incorporated in India under the provisions of the Companies Act, 1956.
Pursuant to the completion of the aforementioned stake sale by Lifestyle Holdco, Convergence and Worldwide to the purchaser, complete business of Ethnic and its subsidiary i.e. lndianroots Retail Private Limited, will be transferred to the Purchaser.
Subject to the approval of the shareholders of the Company to be obtained through passing of a special resolution, sale/disposal of part of equity stake owned and held by NDTV Networks, a material subsidiary of the Company, constituting 2°/o (two per cent) of the total issued, subscribed and fully paid-up equity share capital of Lifestyle Holdco for INR 1 7.7247 per equity share, to the Purchaser.
Pursuant to the completion of the aforementi oned stake sale by Networks to the Purchaser, the Company will cease to exercise control on Lifestyle and its subsidiary i.e. NDTV Lifestyle.
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