Investment holding company TVC Holdings has said it has sold 7.6 million shares in UTV Media for a total consideration of €22.1m. 

TVC first invested €27.3m in 2008 to purchase an 18% shareholding in UTV.  

The company said that today's share sale, including dividends received to date, has enabled it to recover the full cost of its entire UTV investment.

TVC still holds 9,640,262 shares in UTV representing a shareholding of 10.05% valued at €29.2m.