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HT Media Ltd today said that it has concluded the transaction of selling its entire 51 per cent stake in joint venture HT Burda Media Ltd to its partner Burda Druck Gmbh, Germany, for Rs 60 crore.
“On September 30, HT Media and Burda Druck GmbH have executed the share purchase agreement and other transaction document to conclude the transaction sale of 51 per cent stake of HTML to Burda for an aggregate consideration of Rs 60 crore,” the company said in a BSE filing.
In February this year, HT Media had informed that its board has given in-principle approval to sell its entire 51 per cent equity shareholding in HT Burda Media Ltd to Burda Druck GmbH or its nominee.
“The decision follows the strategic review of HT Media’s long-term plans. The sale will be value accretive to HT Media as the gross margins in the printing business were much lower than the margins in the print media business,” it said in a statement.
Burda Druck Gmbh is a part of the Hubert Burda Media Group. Hubert Burda Media has its presence in various segments such as print, publishing, TV channels, radio, mobile, online, e-commerce, events, direct marketing, promotions and research.
Shares of HT Media today closed at Rs 84.65 apiece, down 3.20 per cent from its previous close on the BSE.
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