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| Exchange Received Time 15/02/2018 14:38:53 Exchange Disseminated Time 15/02/2018 14:38:59 Time Taken 00:00:06 | Completion of stake sale - Timezone Entertainment Private Limited
In connection with the above and in accordance with the terms and conditions of the SPA, the Company (Seller 1) and Louisiana Investment & Finance Private Limited (Seller 2) have transferred their entire equity shareholdings (comprising of 24,446,247 Equity Shares of Rs. 10/- each constituting 48.42% held by the Company and 796,699 Equity Shares of Rs. 10/- each constituting 1.58% held by Seller 2) held in Timezone Entertainment Private Limited (Timezone) to Timezone West Asia Pte. Ltd. (Purchaser) on February 15, 2018 for a cash consideration of Rs. 23.44 Crore (Rs. 22.70 crore for Seller 1 and Rs. 0.74 crore for Seller 2).
With the disposal of said shareholding in Timezone, the joint venture agreement executed in respect of 'Timezone' stands terminated and accordingly Timezone ceases to be an Associate Company of the Company. |
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