Aircel to pick up stake in Sahara One

Sahara One Media and Entertainment Ltd said Aircel Televentures would acquire its 14.98 per cent stake for Rs 119.97 crore.

Sahara One Media and Entertainment Ltd on Monday said Aircel Televentures would acquire its 14.98 per cent stake for Rs 119.97 crore.

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The board of directors at its meeting on Monday, have approved the issue of 32.25 lakh equity shares at Rs 372 per share to Aircel Televentures on preferential basis, subject to shareholders approval, the company informed the Bombay Stock Exchange.

The company would convene the extraordinary general meeting of the shareholders to get their consent for issuing shares to Aircel Televentures, it said.