NDTV sold stake in subsidiary to pay outstanding rent of its New Delhi office
The media house informed in a regulatory filing that its Board of Directors have decided to transfer a part of its subsidiary to their landlord, AR Chadha and Co (India) Private Limited
New Delhi Television Limited (NDTV), today, informed in a regulatory filing that its Board of Directors have decided to transfer a part of its subsidiary to AR Chadha and Co (India) Private Limited, the landlord of their office premises in New Delhi.
“Board of Directors of the Company, at its meeting held on April 30, 2018, inter-alia, considered and approved transfer of up to 7.38 per cent stake of the Company @ Rs 59,824/-per Equity share in Red Pixels Ventures Limited (RPVL), a material subsidiary of the Company, to AR Chadha And Co (India) Private Limited (‘the buyer’), the landlord of the office premises in New Delhi,” NDTV said in the filing.
“The Company and NDTV Convergence Limited currently hold 37.04 per cent and 55.57 per cent respectively in RPVL,” it further added. NDTV Convergence, the digital media business controls all NDTV websites, including NDTV.com.
The transfer, as per the filing by the media company, is for the payment of outstanding rent by the company. “The sale proceeds will be utilized by the Company for working capital including in relation to payment of outstanding rent by Company,” the filing read.
Last year, in December, NDTV Group had decided to slash its workforce by 25 per cent as its plan to initiate a turnaround by cutting costs in order to improve profitability.
The media house in an official statement to the BSE had said, "This means minimising all ancillary businesses that NDTV had expanded into over the last few years. Given our repriortization, our workforce has to be altered too - over the next month, we are considering reduction of workforce up to 25 per cent. We thank these departing employees for their contribution and hard work and wish the very best."
NDTV Group had already intimated the BSE about this turnaround. Part of this plan was implemented in the last quarter and included the Group's move to new technologies including mobile journalism. It also informed BSE that its reporters across the country are now using mobile phones for efficient delivery of breaking news.
“Board of Directors of the Company, at its meeting held on April 30, 2018, inter-alia, considered and approved transfer of up to 7.38 per cent stake of the Company @ Rs 59,824/-per Equity share in Red Pixels Ventures Limited (RPVL), a material subsidiary of the Company, to AR Chadha And Co (India) Private Limited (‘the buyer’), the landlord of the office premises in New Delhi,” NDTV said in the filing.
“The Company and NDTV Convergence Limited currently hold 37.04 per cent and 55.57 per cent respectively in RPVL,” it further added. NDTV Convergence, the digital media business controls all NDTV websites, including NDTV.com.
The transfer, as per the filing by the media company, is for the payment of outstanding rent by the company. “The sale proceeds will be utilized by the Company for working capital including in relation to payment of outstanding rent by Company,” the filing read.
Last year, in December, NDTV Group had decided to slash its workforce by 25 per cent as its plan to initiate a turnaround by cutting costs in order to improve profitability.
The media house in an official statement to the BSE had said, "This means minimising all ancillary businesses that NDTV had expanded into over the last few years. Given our repriortization, our workforce has to be altered too - over the next month, we are considering reduction of workforce up to 25 per cent. We thank these departing employees for their contribution and hard work and wish the very best."
NDTV Group had already intimated the BSE about this turnaround. Part of this plan was implemented in the last quarter and included the Group's move to new technologies including mobile journalism. It also informed BSE that its reporters across the country are now using mobile phones for efficient delivery of breaking news.
