Hindustan Media Ventures Ltd (HMVL) on Tuesday said its board has approved investing up to Rs 6 crore in digital platform for college admissions ReviewAdda to pick a 10.71 per cent stake.
Under the proposed investment, basis the existing capital structure of ReviewAdda, the company will acquire either equity shares or convertible equity linked instruments which can be converted into equity shares equivalent to 10.71 per cent equity stake in ReviewAdda, HMVL said in a regulatory filing.
"The board of directors of Hindustan Media Ventures... approved the proposal to invest up to Rs 6 crore in equity shares and/or convertible equity linked instruments of ReviewAdda," it stated.
ReviewAdda owns and operates www.reviewadda.com which help admission seekers in selecting and applying to various colleges and universities.
HMVL on Monday reported a 77.8 per cent decline in its consolidated net profit to Rs 4.41 crore for the second quarter ended September.
The company had posted a net profit of Rs 19.86 crore in the July-September quarter a year ago, it said.
Its revenue from operations was down 31.92 per cent to Rs 131.21 crore during the period under review, against Rs 192.74 crore in the corresponding period of the previous financial year, the company said.
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