NDTV sells stake in auto e-commerce subsidiary

Group dilutes its share in Fifth Gear Ventures to 43%, from close to 79%; Autobyte Private gets controlling stake

Prannoy Roy-owned New Delhi Television (NDTV) has given up control of its subsidiary Fifth Gear Ventures Limited (FGVL) by diluting its stake in the company. The NDTV Group (NDTV and its subsidiary NDTV Convergence) held 78.74 per cent stake in the subsidiary, the remaining being held by the Chennai-based Autobyte Private Limited (ABPL). The company notified the Bombay Stock Exchange (BSE) of the shareholders’ decision, in favour of the proposed stake dilution, on September 21.

Earlier this year, the group sold its entire stake in NDTV Ethnic Retail, the subsidiary that ran the e-commerce portal indiaroots.com (retailed in ethnic Indian