NDTV liquidates 7.38% stake in subsidiary to pay office rent

New Delhi Television Ltd (NDTV) has decided to transfer a share of its material subsidiary, Red Pixels Ventures (RPVL), to AR Chadha & Co Pvt Ltd (India), the landlord of NDTV’s office in Delhi.

The Board of Directors of the company mentioned in a regulatory filing to Bombay Stock Exchange today: “The sale proceeds will be utilised by the company for working capital including in relation to payment of outstanding rent by company.”

The filing specified “transfer of up to 7.38 per cent stake of the company @ Rs 59,824 per equity share in Red Pixels Ventures” to AR Chadha & Co.

NDTV and NDTV Convergence hold 37.04 per cent and 55.57 per cent, respectively, in RPVL.

The media house laid emphasis on the minimised expansion of ancillary business that NDTV expanded into over the last few years, alteration in the workforce and promotion of mobile journalism, in its official statement to the Bombay Stock Exchange.