Dec 01, 2016 10:30 AM IST IST | Source: PTI

Hinduja Ventures sells stake in group firms

The company added that the transaction pegged IMCL equity valuation of Rs 3,444.06 crore as per independent valuation by third party.

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".

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