Future Ventures,the investment and business management arm of Future Group,today said its stake in subsidiary Amar Chitra Katha (ACK) will go up to 65.84 per cent post completion of a share buy back programme.
The increase in the stake will be after extinguishing of shares bought back by ACK from shareholders. ACK had made an offer to buy-back upto 70,457 equity shares.
“Pursuant to acceptance by participating shareholders to the offer,70,457 equity shares have been bought back from the shareholders,which will be extinguished in terms of the provisions of Companies Act,1956,” Future Ventures said in a filing to BSE.
Post completion of the buy back,the shareholding of the company in ACK shall stand increased from earlier 56 per cent to 65.84 per cent,it added.
ACK publishes a range of titles,including comics series ‘Amar Chitra Katha’,monthly magazine ‘Tinkle’ and bi-monthly science magazine ‘Brainwave’,targeted at under 15 years age group.
Future Ventures’ scrip closed at Rs 9.05 per share,up 0.44 per cent from the previous close on the BSE.