HT Media Ltd to acquire 100% stake in VCCircle and TechCircle

The Board of Directors of HT Media Ltd at its meeting held on 28th July, 2020 accorded approval to invest upto Rs. 6 Crore post working capital adjustment, and revenue linked milestones payment upto Rs.1 Crore on deferred basis, to acquire 100% of paidup share capital of Mosaic Media Ventures Private Limited ('Mosaic') held by NWS Digital Asia PTE Limited and News Corporation ("Sellers"), subject to finalization of definitive agreements.

Mosaic was incorporated in the year 2007 and is engaged in the business of:

- operating news platform (viz. VCCircle and TechCircle),
- providing subscription-based research databases (viz. VCCEdge and SalesEdge).
- Events business

Strategic acquisition of an emerging company to drive synergies across businesses:

- News business: Acquire and scale VCCircle and TechCircle to augment Mint's tech and deals content editorial capabilities
- Event business: Use HT's reach to augment VC Circle's events business
- Scale up database and research business
- Unlock cost and revenue synergies

Shares of HT MEDIA LTD. was last trading in BSE at Rs.12.03 as compared to the previous close of Rs. 12.52. The total number of shares traded during the day was 13189 in over 60 trades.

The stock hit an intraday high of Rs. 12.5 and intraday low of 11.83. The net turnover during the day was Rs. 160971.

Source : Equity Bulls

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