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Hinduja Ventures sells stake in group firms

Press Trust of India  |  New Delhi 

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 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," Ltd said in a filing.

The company added that the 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 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 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 Ltd today closed 3.99 per cent up at Rs 524.25 apiece on

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, November 30 2016. 17:48 IST