NDTV and its subsidiary executes sales agreement with Astro Awani Network

20 Jan 2022 , 09:46 AM

New Delhi Television Ltd (NDTV) has informed to the exchanges about the sale of investment held by the Company and NDTV Networks Limited (“Networks/Subsidiary of the Company”), in Astro Awani Network Sdn Bhd (“Awani”), an associate company to Astro Entertainment Sdn Bhd (“Purchaser”).

As per regulatory filing, both NDTV and Networks have executed a Share Sale and Purchase Agreement on January 19, 2022 with the Purchaser for the sale of 3,424,500 ordinary shares (1,712,250 each, held by NDTV and Networks), constituting 20% of the total share capital of Awani, for a consideration of Ringgit Malaysia Eight Million and Five Hundred Thousand (RM 8,500,000) only, net of any applicable taxes (approximately Rs15.16cr).

The closing of the transaction is subject to certain conditions including the approval of the Reserve Bank of India, said Company on Wednesday.

At around 9:47 AM, New Delhi Television was trading at Rs117.20 per piece up by Rs0.1 or 0.09% on the BSE.