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HT Media reported to sell stake in UK-based Koovs

By Angela Gonzalez-Rodriguez

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Indian HT Media Limited is planning a partial or full stake sale of its investment in UK-based Koovs Plc, the parent company of Indian lifestyle online commerce venture Koovs.com, to book profits.

As reported by local media over the weekend, Sandeep Jain, chief strategy officer of HT Media talked about the company’s plans for a stake sale in Koovs during the BSE-listed company’s second quarter conference call with analysts on November,3.

“I am not so sure if it is going to happen in one chunk, but gradually over a period of time I am sure that there would be opportunities to sell some part of the stock. We have a sizeable holding in Koovs and we cannot be selling the entire stock in the market in one go. We would certainly start selling some of this stock in the coming quarter,” Jain said back then.

The decision to sell its shares in Koovs comes some months after HT Media invested 4.4 million dollars in the firm for an 8.31 percent stake. Earlier this year, in April, the e-talier raised 21.9 million pounds from existing and new investors, which also included HT Media.

Koovs