The Hindu Business Line : Business Standard offers 13 pc stake to Financial Times

BUSINESS Standard Ltd has entered into an `in-principle' agreement with Financial Times, offering a 13.85 per cent equity stake in the company for Rs 14.1 crore.

According to a company statement, detailed agreements will be worked out shortly, before a formal approval is sought from the Government. The Financial Times will now be one of the major investors in the company along with the Kotak Mahindra Group and Great Eastern Shipping. While FT would have adequate board representation, the company would, continue to operate as an independent entity with its management reporting to the board.

Elaborating on the tie-up, Mr David Bell, Chairman, Financial Times, said, "This is an important strategic step for the FT as we expand our presence in the important Asian marketplace and extend the FT's reach to a broader international business community."

BS has been associating with FT for several years through the syndication route. "The investment by FT will help Business Standard to maintain the best editorial standards and achieve faster growth," said Mr T. Thomas, Chairman, BS.

Besides BS, Hindustan Times has also decided to offer 20 per cent in HT Media to Henderson Global Investors to commence its Mumbai operations.

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