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Will Astro exit Sun Direct?
MUMBAI: Malaysia-based Astro is likely to sell its stake in Kalanithi Maran-promoted DTH company Sun Direct, Hindu Business Line reported.
Astro Group has sent feelers to investment bankers asking them to find buyers for its stake, according to the business daily.
In Sun Direct, Kaveri Kalanithi (62%) and Kalanithi Maran (18%) together own 80% stake. The remaining 20% is held by Astro.
Astro is floating an Information Memorandum, a document companies intending to raise funds or sell stake generally issue privately or publicly, Hindu Business Line reported.
Sun Direct narrowed its net loss to Rs Rs 156.94 crore (Rs 1.57 billion) in FY15 compared to a loss of Rs 262.03 crore (Rs 2.62 billion) in the year-ago period.
Total income grew to Rs 1024.33 crore (Rs 10.24 billion), up from Rs 967.77 crore (Rs 9.68 billion) a year ago.
Astro is also reportedly selling its 95% stake in Askme Group.
Earlier, Astro sold its stake in Turmeric Vision, the company which owns and operates FoodFood channel. Astro held around 73% stake in Turmeric Vision.