Nouveau Multimedia Ltd, a group having presence in financial services, IT, multimedia and real estate companies will sell its IT and multimedia business by hiving it off into separate entity, as part of its restructuring exercise.
The company informed the stock exchanges that the board of directors, based on a perception report submitted by consultants, has decided to retain the real estate, globe agro and telecommunications business of the group.
“With a view to explore possibility of future joint venture in the technology and media segments, other businesses such as IT division and multimedia may be de-merged,” the company said in its filing to the stock exchanges on Friday.
“To portray right perception of the company to the investor community and other stake holders, the company will retain certain businesses and de-merge/hive off certain businesses,” the company said.
The stock price of the company tanked by 1.91% to Rs 174.95 a piece on the Bombay stock exchange at 11:00am.
Perfect Company Advice Pvt Ltd, a consultancy that helps companies reposition and restructure the businesses, is part of the CNI Research Ltd.