Mumbai, Jan 8 (IANS): Capital18 Fincap Private Limited (Capital18) has entered into an agreement with Carnival Films Private Ltd to divest its stake in Stargaze Entertainment Private Limited, a Bombay Stock Exchange (BSE) filing by Network 18 Media and Investments Ltd said here Thursday.
Stargaze operates multiplexes in emerging urban centres of India under the brand name of 'Glitz Cinemas'.
"Network 18 Media and Investments Ltd has informed BSE that Capital18 Fincap Private Limited ('Capital18'), venture capital arm of the company, has entered into an agreement with Carnival Films Private Limited to divest its stake in Stargaze Entertainment Private Limited," the statement said.
Capital 18 is a majority shareholder at Stargaze and the transaction, expected to be completed within the current financial year, will result in a profitable exit for Capital18, the statement added.