Home » Business » HT Media gains 7% on demerger of FM Radio business

HT Media gains 7% on demerger of FM Radio business

Shares of HT Media gained 7 percent inraday Thursday as comapny board approved demerger of its FM Radio business.

The board of directors of the company in its meeting held on August 8 have considered and approved the draft of the composite scheme of arrangement and amalgamation amongst HT Media, Next Radio, Next Mediaworks nd HT Music & Entertainment Company and their respective shareholders.

The composite scheme of arrangement and amalgamation includes demerger of the FM radio business of the company, except the FM radio business operated by the company in Hyderabad and Uttar Pradesh, on a going concern basis and subsequent transfer and vesting of the same to Next Mediaworks.

It also approved amalgamation of HT Music & Entertainment (HTM) with Next Mediaworks and consequent dissolution of HTM without winding up.

At 13:04 hrs HT Media was quoting at Rs 58.35, up Rs 1.30, or 2.28 percent on the BSE.

Leave a Reply

Your email address will not be published. Required fields are marked *

*
*