Aug 26: As part of consolidation of the group’s entertainment and digital innovation business, HT Media Ltd (HTML), a Delhi-based mass media company, said that its wholly owned subsidiary HT Digital Ventures Ltd (HTDVL) will acquire 42.83% equity stake in another subsidiary of the company namely HT Digital Streams Ltd (HTDS), for a total consideration of Rs 76.75 crore.
HTDS is engaged in multimedia content management business. According to the company, the acquisition is expected to be completed on or before 31st December, 2017.
The Board of Directors of HTML has also approved a Scheme of Arrangement between the company, HTDVL and their respective shareholders and creditors, which provides for demerger of the entertainment and digital innovation business of HTML into HTDVL.
“The appointed date for the scheme is, March 31, 2018. The scheme is subject to the approval of BSE Ltd, National Stock Exchange of India Ltd, Sebi, shareholders and creditors of the companies and such other statutory authorities as may be required, and sanction thereof by the Hon’ble National Company Law Tribunal, New Delhi branch,” the company said in a statement.
“With a view to support entertainment and digital innovation business to capitalise on growth opportunities, led by a dedicated management team, it is proposed to assign a separate identity to this business by way of demerger,” it added.
Incorporated in 1993, HT Media has holdings in print, electronic and digital media. HT’s online business is largely handled by Firefly e-ventures internet business, which include the flagship web portal Hindustantimes.com, Livemint.com, Desimartini.com, HTCampus.com and Shine.com.