New Delhi, Oct 27 (PTI) 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 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.

Also Read | Samsung Galaxy S21 Ultra Likely to Feature 5,000mAh Battery & 6.8-Inch AMOLED Display: Report.

"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.

Also Read | Facebook Cloud Gaming Service With New Games Launched on Android.

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.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)