Advertisement

HindustanTimes Fri,25 Jul 2014

Jagran gets mid-day’s newspaper business

HT Correspondent, Hindustan Times  Mumbai, May 05, 2010
First Published: 21:50 IST(5/5/2010) | Last Updated: 21:52 IST(5/5/2010)

Mid-Day Multimedia board on Wednesday agreed for its merger with Jagran Prakashan in the ratio of 2:7 where each midday shareholder will get 2 shares of Jagran for 7 shares Mid-day.

Advertisement

The merger resulted into heavy gains for Mid-Day as its share price rose by 18 per cent during the day to close at Rs. 34. In contrast, Jagran Prakashan saw its share price fall by 3.2 per cent to Rs. 115.

“For Mid-Day this merger provides huge opportunity in the form of financial muscle of Jagran Prakashan. As the largest circulating news paper Jagran would also give its experience in news business,” said Abhijit Majumder, executive editor, Mid-Day. “Jagran will benefit from Mid-Day’s strong brand and experience in English news.”

Jagran Group has been on a lookout for expansion. In April, Blackstone group invested Rs. 250 crore in the Jagran Media Network–parent company of Jagran Prakashan and acquired a minority stake in the firm.

“Jagran Media is looking at growth and needs capital to fulfill its expansion plans,” Akhil Gupta, chairman and managing director of Blackstone Advisors India at the time of the investment, had told Hindustan Times.

Jagran Prakashan’s Dainik Jagran is published in 37 editions and more than 200 sub-editions across 11 states.


Advertisement
more from Business

Govt has no proposal to reduce gold import duty: Nirmala Sitharaman

India, the world's second-biggest gold consumer, does not have any current proposal to cut the record 10% import duty on gold, minister of state for finance Nirmala Sitharaman said on Friday.

markets
Advertisement
Most Popular
Advertisement
Advertisement
Copyright © 2014 HT Media Limited. All Rights Reserved