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HT Media acquires 14.18% stake of NMW

HT Media has acquired 94,86,823 equity shares representing 14.18% of the fully diluted voting equity share capital of Next Mediaworks (NMW) on April 9, 2019 pursuant to an open offer under the SEBI (Substantial Acquisitions of Shares and Takeovers) Regulations, 2011 (SEBI (SAST) Regulations).

In terms of the share purchase agreement dated December 20, 2018, executed by and between the Company and the promoters and members of the promoter group of NMW, the Company will acquire a further 2,46,28,563 equity shares aggregating to 36.82% of the fully diluted voting equity share capital of NMW within the period as prescribed in Regulation 22(3) of the SEBI (SAST) Regulations. Thereafter, the Company shall:  hold 3,41,15,386 equity shares aggregating to 51.00% of the fully diluted voting equity share capital of NMW; be the majority shareholder in and exercise control over NMW; and be classified as a promoter of NMW.

HT Media is engaged in printing and publishing of newspapers. The company's segments include Printing & Publishing; Radio Broadcast & Entertainment, and Digital.

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