HT Media gains on transfer of multi-media content business to arm

The Audit Committe has recommended transfer of multi-media content management undertaking ("MMC Undertaking") to HT Digital Streams Ltd

Shares of HT Media were up nearly 2% after the company announced that the board at its meeting held today has accepted the recommendations of the Audit Committee for transfer and vesting of its multi-media content management undertaking ("MMC Undertaking") to HT Digital Streams Ltd, a wholly-owned subsidiary of the Company.

The transfer as a 'going concern' on a slump scheme arrangement and the slump exchange has been arrived at based upon the valuation report obtained from M/s S R Dinodia & co. LLP, Chartered Accountants and as duly approved by the Audit Committee, the company said in a release.

The aforesaid Scheme is subject to various regulatory and other approvals and sanction by the Hon’ble High Court of Delhi and High Court of Judicature at Patna, respectively, the release added.

The stock opened at Rs 77.90 and touched a high of Rs 79.80. At 12:20pm, over 159,000 shares were traded on both the stock exchanges.