Hinduja Ventures Ltd divests 10 lakh shares in Indusind Media for Rs. 46.60 crores

The Board of Directors of Hinduja Ventures Ltd at its meeting held on October 26, 2016, has approved disinvestment of 10,00,000 equity shares of Rs. 10/- each held in Indusind Media and Communications Limited [IMCL] (1.35% of the paid up equity capital of IMCL), unlisted material subsidiary of the Company for total consideration amounting to Rs. 46.60 Crores i.e. at a price of Rs. 466/- per share to a third party, based on IMCL equity valuation of Rs. 3444.06 Crores as per independent valuation by third party.

The holding of the Company in IMCL after disinvestment will reduce to 447,58,583 equity shares i.e. 60.56% (as against 61.91%) of the paid up equity share capital of IMCL.

Further, the Board has decided to sell 61,147,056 equity shares of Rs. 10/- each held by the Company in Hinduja Energy (India) Limited and has appointed a committee of directors to look into this matter.

Shares of HINDUJA VENTURES LTD. was last trading in BSE at Rs.521.1 as compared to the previous close of Rs. 527. The total number of shares traded during the day was 1029 in over 79 trades.

The stock hit an intraday high of Rs. 530.5 and intraday low of 520. The net turnover during the day was Rs. 540635.

Source : Equity Bulls

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