Financial Daily from THE HINDU group of publications
Friday, Oct 29, 2004

Cross Currency

Group Sites

Markets - Stocks
Corporate - Mergers & Acquisitions

Times group co picks up stake in Mid-Day Multimedia

Our Bureau

Mumbai , Oct. 28

A group company of Bennett, Coleman and Co Ltd (BCCL), publisher of the Times of India, appears to have picked up a 7.5 per cent equity stake in Mid-Day Multimedia Ltd, which owns the city tabloid Mid- Day, from the open market.

Filings with the BSE and NSE revealed that Banhem Financial and Consultants Pvt Ltd bought 32,01,076 shares of Mid-Day on Tuesday at an average price of about Rs 34.7 per share, totalling approximately Rs 11.10 crore. .

Banhem Financial is listed as a "fellow subsidiary" in Times Guaranty's annual report for the year ended March 2004. Bennett and Coleman owns nearly 75 per cent of Times Guaranty.

When contacted, a Director of Times Guaranty said he would have to check whether such a deal had taken place and could not confirm it right away. A top BCCL official too said that he was not in a position to confirm the development.

Banhem has bought over 26 lakh shares from Madhavpura Mercantile Co-operative Bank, the bank which was said to have gone bust after stockbroker Ketan Parekh allegedly short-changed it of several hundred crores of rupees.

According to a source, the block of Mid-Day shares that the bank sold in the market on Tuesday was part of the security provided by Ketan Parekh to borrow money that funded his stock market operations.

More Stories on : Stocks | Mergers & Acquisitions | Newspapers & Publishing

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Times group co picks up stake in Mid-Day Multimedia

Bulls prevail
FIIs interest seen in Infosys
Negative outlook for Maruti
Dinesh Dalmia, DSQ move SAT against SEBI order
Meet on capital markets in Hyderabad
Bourses maintain firm trend

The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |

Copyright 2004, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line