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BCCL, which owns The Times of India and other popular print publications,
carried out the deal through Banhem Financial & Investment Consultants
Limited, an investment arm of the media company. After the sale
of shares, its holding in Mid-Day Multimedia, along with Dharmayug
Investments Limited, is 22,95,466 shares, according to a posting
on the National Stock Exchange.
On being queried on the sale and purchase of Mid-Day shares, Mid-Day
Multimedia MD Tariq Ansari did not offer any comments. To another
query on whether there could be some synergy between Mid-Day and
the Express, Ansari said through e-mail, " Yes it will. A committee
is being formed to evaluate the process and put together a proposal
for the company's board to consider."
A media stock analyst with a Mumbai-based investment company, while
commenting on sale of Mid-Day shares by BCCL, opined that the shedding
of Times group stake is indicative of "reduced possibilities
between two media corporate houses ( Times and Express ) for fight
of control in MML in the immediate future."
On 3 March, Mid-Day had informed the stock exchange that The Indian
Express has bought 10 per cent equity in the company for Rs 255.4
million.
The promoters of Mid-Day (through companies Ferari Investments and
Trading and Meridian Holding and Leasing) have agreed to sell 42,56,628
shares of the company at a price of Rs 60 per share to The Indian
Express. The post transaction holding of the promoters would be
53.6 per cent.
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