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Home » Mergers & Acquisitions » Media » Jagran Prakash Buys Mid-Day's Publication Business |
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Jagran Prakash Buys Mid-Day's Publication Business
by Jarna Gandhi | May 05,2010 - 05:21 PM
Topics : Mergers & Acquisitions
Industries : Media
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Mid-Day Multimedia Limited has sold its publication subsidiary Mid-Day Infomedia Ltd to Jagran Prakashan Limited in a share swap deal.
As part of the Scheme of Arrangement, the publishing business of Mid-Day Multimedia Ltd would be demerged and transferred to JPL.
For the demerged publication business, the MML Shareholder will receive 2 shares of JPL for every 7 shares held. The deal would result in an equity dilution of 4.9%.
Singhi Advisors were the sole advisors to the transaction.
Transaction Reference: DealCurry
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Transaction Note Jagran Prakashan operates through Dainik Jagran, which has a total readership of more than 54 Mn. It also offers outdoor advertising, below the line solutions, internet, magazines and value added services.
In February, Independent News & Media Investments Ltd had sold 7.5% stake or 23mn shares in Jagran Prakashan Limited for Rs 255cr to domestic and foreign funds as a part of its strategy to exit non-core assets.
Mid-Day's newspaper business publishes Mid-Day, Sunday Mid-Day, Gujarati Mid-Day and The Inquilab.
Post deal, MML will continue to carry on the radio business through its subsidiary Radio Mid-Day West (India) Ltd.
In FY10, the print business reported a profit after tax of Rs 10 cr. It has an outstanding debt of around Rs 15-20 cr. Mid-Day is valued at around Rs 175 cr based on the current market price.
Rakesh Jhunjhunwala exited Mid-day Multimedia by selling his entire 4.26% stake at par. Jhunjhunwala invested sometime in the September-December quarter of 2004. |
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| Date | Type | Sub Type | Buyer | Size |
| Mid Day Multimedia - Jagran Prakashan |
| 05/05/10 |
M&A |
Merger |
Jagran Prakashan Limited |
0.00 |
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| Company |
| Name | Promoters | Office | Competitor | Website |
| Jagran Prakashan Limited |
Mahendra Mohan Gupta & Family |
Jagran Building-2,
Sarvodaya Nagar,
Kanpur-208005. |
DB Corp Limited Duplicate
Deccan Chronicle Holdings Limited
Mid-Day Multimedia Limited |
www.jagran.com |
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| Mid-Day Multimedia Limited |
Tehzeeb Ansari & Family
Ferari Investments & Trading Company Private Limited
Meridian Holding & Leasing Company Private Limited
Inquilab Offset Printers Private Limited |
Peninsula Centre,
Dr.S.S.Road,Parel,
Mumbai-400012. |
Jagran Prakashan Limited
HT Media Limited |
www.middaymultimedia.com |
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| Midday Infomedia Limited |
Khalid A H Ansari & Group |
Penninsula Centre,Dr S.S Road,
Opp.Mahatma Gandhi Hospital,Parle(E),
Mumbai-400012. Maharashtra, India. |
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www.mid-day.com |
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Singhi Advisors |
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Mid-Day Multimedia | Mid-Day Infomedia | Jagran Prakashan | Singhi Advisors
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| Latest DealCurry Notes |
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Shilpi Cable Files DRHP To Raise Rs 56 Cr Via IPO
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September 03, 2010, 03:58 PM | Deeshesh Chheda
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Radio frequency (RF) cables manufacturer, Shilpi Cable Technologies Limited (SCTL) has filed DRHP with SEBI to raise Rs.55.87 Cr.
It will use the IPO proceeds to set-up a wire and cable assembly shop, expand its product portfolio and manufacture cables for 3G networks. It will also manufacture low voltage power cables and cable accessories.
D and A Financial Services is the sole book running lead manager for the issue.
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