D B Corp to buy remaining shares in two units for Rs 37.97 cr
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Media group D B Corp today said it will acquire remaining shares of its two subsidiaries -- I Media Corp Ltd (IMCL) and Synergy Media Entertainment Ltd (SMEL) -- from other existing shareholders for Rs 37.97 crore.
"The company has taken a decision to acquire remaining shares of its two subsidiaries, viz IMCL and SMEL from other existing shareholders so as to make them wholly-owned subsidiaries of D B Corp," it said in a filing to the BSE.
D B Corp is engaged in printing and publication of Newspaper in four languages across 13 states, in radio business with 'My FM' Radio station in 7 states and 17 cities along with strong web presence in India.
Based on the valuation exercise performed, D B Corp will be paying Rs 35.60 crore for acquiring 45 per cent stake in IMCL, it added.
IMCL provides integrated internet and mobile interactive services. It has in its gamut the Dainik Bhaskar and Divya Bhaskar websites as well as Indiainfo.com.
D B Corp will pay an additional Rs 2.37 crore for acquiring 43.10 per cent stake in SMEL, the filing said.
SMEL, which runs radio station under the MY FM brand on the 94.3 frequency, has licenses for operations in Indore, Bhopal, Jabalpur and Gwalior in Madhya Pradesh; Raipur and Bilaspur in Chhatisgarh; and Jaipur, Jodhpur, Udaipur, Kota and Ajmer in Rajasthan.
It also has licences for some cities in Gujarat, Punjab and Maharashtra.
D B Corp shares today closed marginally up at Rs 219 apiece on the BSE.
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