Media firm NDTV today said it has completed the process to sell 49% stake sell for $40 million (about Rs 180 crore) in its arm NDTV Lifestyle Holdings Pvt Ltd (NLHPL) to Astro All Asia Networks Plc.
"Further to the receipt of all the regulatory and statutory approvals required in this regard, NLHPL and Astro All Asia Networks Plc have successfully concluded their strategic alliance," the company said in a filing to the Bombay Stock Exchange (BSE).
By a subscription of shares for $40 million, Astro All Asia Networks now has an effective indirect stake of 49% in NLHPL, it added.
Last September, the company had announced it had entered into a strategic alliance with South Asia Creative Assets Ltd (SACAL), a subsidiary of Astro All Asia Networks Plc, for lifestyle channels in India.
The agreement envisaged SACAL acquiring a 49% stake in NLHPL in two tranches in the proposed holding company for NDTV Lifestyle Limited - the lifestyle subsidiary of NDTV.
The balance 51% stake in the joint venture is to be held by NDTV.
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NDTV Lifestyle operates NDTV Good Times, one of India's leading English-language lifestyle television channels.
The company had said in addition to operating NDTV Good Times, NDTV and Astro may also engage in non-material diversification into complementary lines related to the lifestyle segment through the joint venture company.
Astro is an integrated cross media group, with presence in Malaysia, India, Middle East and other regional and international markets.
NDTV Ltd scrips were trading at Rs 70.35 per share during the afternoon trade, up 2.18% from the previous close.