MUMBAI: The NDTV board has decided not to buy 49 per cent stake held by South Asia Creative Assets Limited in NDTV Lifestyle Holdings Limited.

The parent company of South Asia Creative Assets, Astro Malaysia, was in news recently for reportedly doing the due diligence of Anil Ambani's Reliance Digital TV, the DTH business of the listed Reliance Communications for working out a suitable valuation, to which an RCom spokesperson denied comment.

NDTV has now informed the BSE Limited and the National Stock Exchange of India Limited that the Company board has approved the decision by NDTV Networks Li mited ("Networks"), a material subsidiary of the Company, not to exercise the option to purchase 49% stake held by South Asia Creative Assets Limited ("Astro") in NDTV Lifestyle Holdings L imited ("LS Holdco").

The said offer was made by Astro vide transfer notice dated 2 June, 2017, pursuant to the.terms of the Subscription and Shareholders Agreement earlier entered amongst the Company, Networks, LS Holdco, N DTV Lifestyle Limited, Astro, Astro Overseas Limited and Astro Al l Asia Entertain ment Networks Limi ted.