Times group buys a 6% stake in Sahara India Mass Communication

Sahara Group recently sold their airline division to Jet Airways. Now, the latest news coming in claims that Sahara India Mass Communication has decided to sell 6 per cent stake its stake to Bennett, Coleman & Co Ltd (BCCL).

Bennett, Coleman & Co Ltd (BCCL) is the publishers of the Times of India and the Economic Times and the deal is worth around Rs 37.84 crore. The Sahara board gave its approval to issue 11 lakh preferential shares, representing 6 per cent stake on the expanded equity, at Rs 344 apiece, to BCCL.

The contract between the two companies also includes the condition that Sahara group will have a five-year advertising contract with BCCL. Shantonu Aditya, CEO, Sahara India Mass Communication said in a statement about this pact: “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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