| Sahara India Mass Communication has decided to sell 6 per cent stake to Bennett, Coleman & Co Ltd (BCCL), publishers of the Times of India and the Economic Times, for Rs 37.84 crore.
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| The Sahara board today approved the issue of 11 lakh preferential shares, representing 6 per cent stake on the expanded equity, at Rs 344 apiece, to BCCL.
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| The company would place the resolution pertaining to the issue of preferential shares to the shareholders at an extraordinary general meeting (EGM) on March 8.
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| The private treaty contract entails that the Sahara group will have a five-year advertising contract with BCCL, whch has already entered into such contracts with several other companies.
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| Shantonu Aditya, CEO, Sahara India Mass Communication, said, “We have received a proposal from BCCL to make an investment in our company. We have informed the Bombay Stock Exchange of this. Subject to all mandatory approvals from the BSE and our shareholders — for which an EGM has been called — we would be delighted to go through this proposal.”
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| The Sahara group, the company’s promoter, is required to bring down its stake in Sahara Mass Communication from 96 per cent to at least 75 per cent, in accordance with the proposed guidelines of the capital market watchdog Securities and Exchange Board of India, which call for at least 25 per cent free float in a company.
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| Aditya said Sahara Mass Communication is in talks with other investors as well to bring down the promoters’ stake. |
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