ALSO READHinduja Ventures Q1 profit up marginally at Rs 24.21 cr Hinduja Ventures standalone net profit declines 0.04% in the September 2016 quarter Hinduja Ventures standalone net profit rises 1.30% in the June 2016 quarter Hinduja Ventures to hike stake in IMCL Hinduja Ventures to hold board meeting
Hinduja Ventures Ltd (HVL) it will sell stake in group firms Induslnd Media and Communications Ltd and Hinduja Energy.
"The Board of Directors had approved disinvestment of 1,00,000 equity shares of Rs 10 each held in Induslnd Media and Communications Ltd (IMCL) (0.13 per cent of the paid up equity capital of IMCL), unlisted material subsidiary of the company for total consideration amounting to Rs 4.66 crore i.E. At a price of Rs 466 per share to a third party," Hinduja Ventures Ltd said in a BSE filing.
The company added that the transaction pegged IMCL equity valuation of Rs 3,444.06 crore as per independent valuation by third party.
It further said: "The holding of the company in IMCL after disinvestment will reduce to 446,58,583 equity shares i.E. 60.43 per cent of the paid up equity share capital of IMCL".
The company said its Committee of Directors also approved "disinvestment of 1,75,00,000 equity shares of Rs 10 each held by the company in Hinduja Energy (India) Ltd as per independent valuation of Rs 31.58 per share to third party".
Shares of Hinduja Ventures Ltd today closed 3.99 per cent up at Rs 524.25 apiece on BSE.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)