NDTV and its subsidiary NDTV Convergence is set to collectively divest a 48.44 percent stake in their subsidiary Red Pixels Ventures Limited (RPVL) to AR Chadha and Co India Pvt Ltd and its Affiliates for Rs 11,483.18 per equity share subject to the parties entering into a definitive agreement to the satisfaction of the board.
The company will divest its entire holding with NDTV Convergence divesting 11.40 percent of its current holding post which RPVL which operates Gadgets360 will cease to be a subsidiary.
I&B Ministry meanwhile has approved the appointment of Darius Taraporvala as Non-Executive Non-Independent Director of the company effective December 24, 2020.
In other news, NDTV has been fined Rs 27 crore by SEBI on the account of surrendering the control of the company. NDTV has on its part denied the allegations and is set to challenge the SEBI order urgently.