Hindustan Media approves proposal to invest Rs6cr in Padma Infocom

The company will acquire either equity shares or convertible equity linked instruments which can be converted into equity shares equivalent to 10.71% equity stake in ReviewAdda.

Oct 27, 2020 12:10 IST India Infoline News Service

The Board of Directors of Hindustan Media Ventures Limited has approved the proposal to invest upto Rs6cr in equity shares and/or convertible equity linked instruments of ReviewAdda.

“Under the proposed investment, basis the existing capital structure of ReviewAdda, the company will acquire either equity shares or convertible equity linked instruments which can be converted into equity shares equivalent to 10.71% equity stake in ReviewAdda,” company informed the exchanges on Monday.

It further added that ReviewAdda owns and operates www.reviewadda.com which help admission seekers in selecting and applying to various colleges and universities.

Around 12.30 pm, HVL stock is trading at Rs49.90 per piece down by Rs0.4 or 0.8% from its previous closing of Rs50.30 on the BSE.

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