Media house NDTV Ltd today said it along with partner Kasturi and Sons Ltd (KSL) have completed the sale of their joint venture — Metronation Chennai Television Ltd (MNC) that runs a local English news channel.
Last year, the companies had announced sale of their joint venture to Educational Trustee Co, promoters of Tamil daily ’Dina Thanthi’, for Rs 15 crore.
“Further to the receipt of all regulatory and statutory approvals, in this regard, NDTV and KSL have transferred their respective stake in MNC to Educational Trustee Co on September 28, 2012,” NDTV said in a filing to the BSE.
MNC has become 100 per cent subsidiary of Educational Trustee Co, it added.
NDTV had 51 per cent stake in the venture, while the remaining 49 per cent was held by KSL.
Although the announcement was made after the market hours, shares of NDTV closed at Rs 75.05 apiece, up 5.63 per cent from their previous close on the BSE.