Moneycontrol
Last Updated : Aug 09, 2018 01:20 PM IST | Source: Moneycontrol.com

HT Media gains 7% on demerger of FM Radio business

The composite scheme of arrangement and amalgamation includes demerger of the FM radio business of the company, except the FM radio business operated by the company in Hyderabad and Uttar Pradesh.

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Shares of HT Media gained 7 percent inraday Thursday as comapny board approved demerger of its FM Radio business.

The board of directors of the company in its meeting held on August 8 have considered and approved the draft of the composite scheme of arrangement and amalgamation amongst HT Media, Next Radio, Next Mediaworks nd HT Music & Entertainment Company and their respective shareholders.

The composite scheme of arrangement and amalgamation includes demerger of the FM radio business of the company, except the FM radio business operated by the company in Hyderabad and Uttar Pradesh, on a going concern basis and subsequent transfer and vesting of the same to Next Mediaworks.

It also approved amalgamation of HT Music & Entertainment (HTM) with Next Mediaworks and consequent dissolution of HTM without winding up.

Also, demerger of the FM radio broadcasting business of Next Radio except the FM radio business in Ahmedabad on a going concern basis and subsequent transfer and vesting of the same to Next Mediaworks.

At 13:04 hrs HT Media was quoting at Rs 58.35, up Rs 1.30, or 2.28 percent on the BSE.

Posted by Rakesh Patil
First Published on Aug 9, 2018 01:20 pm
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