NDTV Lifestyle & Ethnic stake sale approved

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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