NDTV sells 7.38% stake in subsidiary Red Pixel ventures

NDTV has sold 7.38% stake in subsidiary Red Pixels Ventures. The media group informed BSE: "The board of directors of the company...considered and approved transfer of up to 7.38 percent stake of the company at the rate of Rs 59,824 per equity share in Red Pixels Ventures Ltd (RPVL), a material subsidiary of the company, to A R Chadha And Co (India) Pvt Ltd, the landlord of the office premises in New Delhi."

The deal will help the group to meet working capital requirements and pay outstanding rent. Now NDTV and NDTV Convergence currently hold 37.04 percent and 55.57 percent, respectively, in RPVL.

NDTV added: "Transfer of aforesaid shareholding by the company will be reduced basis the exercise of the tag along right by other shareholders of RPVL. The sale proceeds will be utilised by the company for working capital including in relation to payment of outstanding rent by company."

In September 2017, NDTV’s shareholders had approved sale of its automobile e-commerce firm Fifth Gear Ventures to Autobyte Pvt Ltd. It owned and operated automobile e-commerce portal carandbike.com.In June 2017, they had approved the sale of its Indian wear e-commerce firm NDTV Ethnic Retail to Nameh Hotels & Resorts.

Source: http://cablequest.org/index.php/news/national-news/item/12907-ndtv-sells-7-38-stake-in-subsidiary-red-pixel-ventures