IndiaTomorrow.net,
New Delhi, Sep 24: The shareholders of NDTV have approved sale of its automobile e-commerce firm Fifth Gear Ventures Limited to Autobyte Private Limited, said PTI news agency.
According to the agency, NDTV on Sunday informed BSE or Bombay Stock Exchange that 99 per cent of shareholders of the company have approved “subscription of equity shares by Autobyte Private Limited in Fifth Gear Ventures Limited resulting in change of control of Fifth Gear Ventures Limited from New Delhi Television Limited and NDTV Convergence Limited to Autobyte Private Limited.”
The Fifth Gear Ventures Limited owned and operated automobile e-commerce portal carandbike.Com.
Three days back, The Indian Express had reported that Ajay Singh, co-founder and owner of SpiceJet airline who was part of the BJP’s 2014 poll campaign, was set to buy majority stake in NDTV. According to the report, Ajay Singh will get 40 per cent share along with editorial rights while promoters of the channel Prannoy Roy and his wife Radhika Roy will have 20 per cent stake. Public shareholding in the company stands at around 40 per cent. The deal is said to be valued at around Rs 600 crore.
However, NDTV denied the report and informed BSE that “the promoters of the Company have not entered into any agreement for sale of their stake in the Company to any person. The Company is mindful of its obligations under Clause 30 of the Listing Regulations and shall promptly intimate it of any event required to be disclosed under the said regulations.”
