Jagran shareholders approve Nai Dunia acquisition

MUMBAI: The shareholders of Jagran Prakashan Limited (JPL) have unanimously approved the Scheme of Arrangement with Naiduniya Media Limited at the Extra Ordinary General Meeting of the company on 13 October convened by the High Court.

The meeting was held in Kanpur and the resolution was passed unanimously by poll.

JPL, which publishes leading Hindi daily and country‘s most read newspaper Dainik Jagran, had in April acquired Suvi Info Management for an enterprise value of Rs 2.25 billion.

Suvi Info Management runs Nai Dunia in Hindi and Urdu through its subsidiary Nai Dunia Media.

Nai Dunia is the third largest read newspaper in Madhya Pradesh and the fourth largest in Chhattisgarh. Its expected revenues could be in the range of Rs 1.05 billion with an Ebitda loss of Rs 250 million (excluding losses from the closed NCR edition of Nai Dunia).

Nai Dunia was launched in 1947 and has multiple editions published from Indore, Gwalior, Jabalpur and Bhopal in Madhya Pradesh and Raipur and Bilaspur in Chhattisgarh. Nai Dunia‘s Delhi edition was shut down as part of this takeover. The Urdu edition is a weekly.