Reddy holds 9.8 million shares, representing 10.89 per cent stake in the Indian company, through Obul Reddy Investments Pvt Ltd.
Sources said Thomson is buying out the entire stake for Rs 4 crore. The money is being routed through Thomson Asia Pacific Investments Pte Ltd, Singapore, whose holding in the company will increase to 100 per cent.
Reddy, originally the promoter of local company Dyanora, had entered into a 51:49 joint venture with Thomson in 1995, with Thomson holding a majority stake. However, his shareholding has been gradually falling over the years.
Just a couple of months ago, Thomson Mutlimedia had applied to the government to increase the shareholding of Thomson to 89.11 per cent from around 86 per cent through a preferential allotment of shares.
A top company executive of the company had told Business Standard that Thomson
