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The Indian media and publishing company HT Media which owns flagship newspaper Hindustan Times will acquire up to a 40% stake in online recruitment business MyParichay over the next two years through a staggered transaction.
HT Media will acquire shares from MyParichay’s existing promoters and by subscription of compulsorily convertible preference shares in three separate tranches over the next two years.
The remaining three closings are expected to take place in April and June next year, as well as in August 2014.
It was only last week that the firms announced a partnership between HT Media’s recruitment site Shine.com and MyParichay. Shine.com is one of India's leading job portals and offers over 150,000 vacancies on the site. The acquisition will help increase recruitment services offered by HT Media.
MyParichay (www.myparichay.in) is a social recruitment platform on Facebook. The firm claims to have over 7 million profiles. Clients include Genpact, Kotak Life Insurance, People Strong, Quattro, and Summit HR.