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HT Media Ltd today said it will transfer its multi-media content management undertaking to its wholly-owned subsidiary HT Digital Streams on a slump exchange basis.
“The board of directors of the company... has accepted the recommendations of the audit committee for transfer and vesting of its multi-media content management undertaking to HT Digital Streams Ltd as a “going concern” on a slump exchange basis with issue of fully paid-up equity shares of the transferee company to the company,” HT Media Ltd said in a BSE filing.
It further said: “The slump exchange has been arrived at based upon the valuation report obtained from M/s S R Dinodia & Co LLP, Chartered Accountants and as duly approved by the audit committee. A fairness opinion on the scheme has been obtained from D&A Financial Services (P) Ltd.”
HT Media Ltd said the aforesaid scheme is subject to various regulatory and other approvals.
BusinessLine competes with HT Media’s Mint.
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