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HT Media, one of the premier media organisations of the sub-continent has decided to de-merge the Hindi business units to its subsidiary Hindustan Media Ventures.

In a filing at the Bombay Stock Exchange (BSE) the company has informed that the Board of Directors have given nod the proposed sale/transfer of Hindi business.

With this approval the Hindi Business Undertaking of the Company including the Hindi daily newspaper ‘Hindustan’, Hindi magazines ‘Nandan’ & ‘Kadambini’ and the internet portals of the respective publications will be merged into the Hindustan Media Ventures Ltd. Hindustan Media Ventures is a subsidiary of HT Media Ltd. the sale/transfer also includes all the assets and liabilities of the afore mentioned operations.

The spin off will be effective from December 1, 2009 on the Book Value of the Hindi business and for a lump-sum cash consideration of Rs. 149 Crore including net working capital of Rs. 24 Crore, informs HT Media in the filing at BSE.

The decision to hive off the Hindi Business from HT Media has been arrived upon after observing 'slump sale’ and ‘going concern’ basis. “The aforesaid decision of the Board of Directors is in pursuance to the approval already accorded by the shareholders of the Company under Section 293(1)(a) of the Companies Act, 1956 by postal ballot process,” adds HT Media.