Promoters of media publishing major Amar Ujala group are in the process of buying out the stake of foreign private equity player DE Shaw and would consider selling the same to a new investor.
DE Shaw had acquired an 18 per cent stake in Amar Ujala Publications in 2007 for about Rs 117 crore. Differences had emerged later between DE Shaw and the media company, which had accused the foreign investor of violating certain foeign investment rules.
However, a settlement has been reached between the two parties, under which Amar Ujala has agreed to buy out the stake held by DE Shaw and provide an exit opportunity to the foreign private equity firm.
When contacted, a group spokesperson told PTI: "We are in the process of buying out the stake of DE Shaw. Later, we will look at selling this stake to a new investor."
Recently, there have been reports that Zee group was in talks to acquire Amar Ujala.
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