MUMBAI: Noted stock market investor Rakesh Jhunjhunwala has acquired more than five per cent stake in media company Mid-day Multimedia. The purchase acquires significance in the wake of Bennett & Coleman, which owns The Times of India, recently picking up 6.15 per cent stake in the company.

The acquisition of 22.5 lakh shares at Rs 50.07 per share was done through open market purchase. The value of the transaction for the 5.28 per cent stake was Rs 11.26 crore.

Mid-day's promoters Khalid Ansari, Rukya Ansari, Tarique Ansari, Tehzeeb A Grossman and Sharique Ansari sold 4.5 lakh shares respectively.

Jhunjhunwala's interest in Mid-day, which publishes an eveninger and runs a private FM radio station, immediately pushed up the scrip. The stock ended on a 52-week high at Rs 70.60, up 19.97 per cent from Tuesday's closing.

Jhunjhunwala has the reputation of picking up substantial stake in companies that have strong fundamentals. He has investments in companies like Crisil, Karur Vysya Bank, Pantaloon, Bharat Earth Movers and Titan.

Mid-day promoters have already expressed intent of diluting majority stake and were reportedly in talks with media companies like The Times of India and Sahara.