HT Media is set to acquire 8.31% stake in online fashion retailer Koovs for $4.4 million, reports Medianama. The media firm will be buying 12 million equity shares in the UK based company at GBP 0.25 each.
The all cash deal is expected to close by the end of next month.
In April, Koovs had announced that it raised gross proceeds of £21.9million (Rs 212 crore) through the issue of 87,600,000 New Ordinary Shares at a price of 25 pence per Ordinary Share.
The company had then also announced that it will raise up an additional £8.1million at 25 pence per Ordinary Share prior to 30 June 2016.