Diligent Media Corp sells land for Rs 57 cr

Diligent Media Corporation, part of the troubled Essel Group and publisher of DNA newspaper, has sold leased land adjacent to its printing press in Navi Mumbai for Rs 57.32 crore.

In line with the no-objection/approval issued by MIDC-the Lessor and the changes in the assignable area (based on MIDC requirement), the company had concluded the above transaction by executing and registering a deed of assignment, assigning the leasehold land to CTRL S (India) Pvt Ltd, Diligent Media Corporation said in BSE filing.

The total consideration received for the sale is Rs 57.32 crore, the company added.

Diligent Media Corporation said, the land plot measuring 14,533.76 square meters, is located in Navi Mumbai in Maharashtra, housed storage and other facilities incidental to the printing press activities.

Last month Essel group's promoter entities sold shares worth over Rs 1,050 crore in six listed group firms in open market between January 25 and February 1, 2019, for paying off lenders who were not part of an agreement to prevent declaration of default on loans against pledged shares.

Last week, Essel group had sealed a formal agreement with its lenders to keep its companies afloat, under which it gets time till September to deleverage or pare its debt.

On January 25, Essel group companies had come under massive selling pressure, plummeting up to 33 per cent, and suffered a combined erosion of Rs 13,352 crore in market valuation.

On January 26, Essel group Chairman Chandra said his company is in a financial mess and has blamed the same for the aggressive bets on infra, which has gone out of control since the IL&FS crisis and also the acquisition of Videocon's D2H business.

Apologising to lenders, Chandra also said some negative forces are out to sabotage his efforts to raise money through a strategic sale in the flagship company Zee Entertainment Enterprises.