NDTV sold its stake in its subsidiary

New Delhi Sept 25: Prannoy Roy-owned New Delhi Television (NDTV) has decided to dilute its stake in its subsidiary Fifth Gear Ventures Limited (FGVL).The NDTV Group currently has a stake of 78.74 percent in the subsidiary, the remaining being held by the Chennai-based Autobyte Private Limited (ABPL).

The company has notified the Bombay Stock Exchange (BSE) that "the shareholders have agreed for 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 wear). The group sold its stake in the venture to Nameh Hotels and Resorts.

Experts have said that the stake sale in the process of shifting its focus on developing its core business, which is news broadcast and digital operations.