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Oswal Greentech sells 6.28 mn shares in NDTV to LTS for Rs 50.9 cr
MUMBAI: News broadcaster NDTV Ltd is having one of its big investors selling its stake. Oswal Greentech has sold 62,85,000 (6.28 million) shares of NDTV to LTS Investment Fund for Rs 50.9 crore (Rs 509 million).
The shares were sold in a bulk deal at Rs 81 per share.
LTS Investment Fund is a Mauritius-based private equity fund while Oswal Greentech has interests in agriculture, chemicals and fertilisers.
In 2011, Oswal Greentech had bought 14.17% stake in NDTV for Rs 24.33 crore (Rs 243.3 million). It had bought 91,36,894 (9.1 million) shares from the investment arms of Merrill Lynch and Nomura Capital in two separate block deals.
Merrill Lynch Capital Markets Espana sold 5,106,518 shares at Rs 26.55 a share while Nomura Mauritius sold 4,030,376 shares at Rs 26.75 a share.
Incidentally, this is the first major bulk deal for NDTV shares in six years. The last major bulk deal happened in September 2008 when Deutsche Securities Mauritius had bought 10,00,000 (1 million) shares in the company for Rs 26.35 crore (Rs 263.5 million) at Rs 263.50 per share. It had bought Morgan Stanley Mauritius’ shares in the company.
NDTV’s shares rose 14.13% to close Monday at Rs 91.65 on BSE.